London, England -- (SBWire) -- 04/18/2011 -- Financial spread betting and CFD trading market news for April 8th from the experts at provider City Index (http://www.cityindex.co.uk/) Crude oil prices have today (April 8th) been seen to advance in New York, potentially pushing the commodity to its third week of gains.
Bloomberg reported that crude for May delivery increased by up to 0.8 per cent during electronic commodities trading on the New York Mercantile Exchange, resulting in it hitting $111.19 (£68.2) a barrel.
Such a price is the highest witnessed since September 22nd 2008, it noted. Crude oil prices have also rallied by 30 per cent over the past year and 2.8 per cent on the week.
The value surge came after NATO reported that a fire burned on the Sarir field in Libya, with Muammar Gaddafi loyalists blamed for starting the blaze.
Meanwhile, investors remain concerned that civil unrest can also be seen in Bahrain, Syria, Oman and Yemen, the news resource explained.
Gold, often seen as a safe haven investment during uncertain times, was noted by Bloomberg as also surging in price. The precious metal for June delivery hit $1,467.50 an ounce in New York, a record.
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Crude Oil Prices Creep Towards Another Week of Gains, Libya Still a Concern – City Index Market Update