U.S. light crude was erased earlier losses to stand up 0.8 percent at $97.14 a barrel. Oil surged towards $99 for the first time in the previous session.“More and more investor money has flowed in to commodities as the dollar has continued to weaken. These flows have reinforced the on again-off again negative correlation between oil and the dollar,” JP Morgan said in a note to clients.
Gold stood at $832.80 an ounce, after hitting $845.40, its highest in nearly three decades, on Wednesday.
Gold is up more than 30 percent on the year and has soared since the trouble took root in U.S. credit markets, with the metal variously seen as an inflation hedge or a safe haven in all the turmoil.
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