US Light oil price trading higher, gold hits new highs

US Light oil price hit the pedal this morning and is currently trading around the $78 dollar mark as fresh tensions in Iran and a falling US dollar help both oil price to bounce around 1 percent higher as gold prices hit a fresh high.

“The market’s looking ahead in terms of recovery in demand for oil and products and there’s also the currency element,” said Toby Hassall, research analyst with CWA Global Markets Pty in Sydney. “The downward trend remains in the greenback.”

Crude oil futures for January delivery rose as much as $1.01, or 1.4 percent, to $78.52 a barrel in after-hours electronic trading on the NYMEX and was at $78.46 at 3:26 p.m. Singapore time.

Gold powered to another record high on Monday as the dollar sank, while higher commodity prices lifted world equities. Gold hit a record high at $1,167.35 an ounce before slipping back a bit, bringing this year’s gains to around 32 percent.

Tags:  gold, Iran, light oil price, trading, US dollar