Oil prices hit fresh high at 111.42 dollars

SINGAPORE - Oil prices soared to a new intraday trading high above 111 dollars in Asian trade Monday as the dollar slumped to fresh lows against the euro, dealers said.
New York`s main contract, light sweet crude for April delivery, briefly traded at a new all-time high of 111.42 dollars, breaking the previous peak of 111 dollars set last Thursday
The contract closed Friday at the end of US trading hours at 110.21 dollars.
The surge came as the euro hit a new lifetime high above 1.58 dollars in Asian trading Monday while the US unit fell to as low as 96.57 yen, a level not seen since September 1995.
"We can continue to expect strong prices for oil and commodities like gold in the near term," said Victor Shum, an analyst with energy consultancy Purvin and Gertz in Singapore.
The record-breaking spree has been fuelled by investors rushing into commodities including oil, which they see as a safe haven amid rising concerns over the US economy and a credit squeeze.

Hong Kong gold opens above 1,000 dollars
Hong Kong gold prices opened markedly higher on Monday at 1,002.00-1,003.00 US dollars an ounce, up from Friday`s close here of 995.00-995.50.
Gold touched 1,007.40 dollars at the London Bullion Market on Friday.