WORLD oil prices hit a new record of $US101.32 ($110.48) a barrel in Asian trading today on renewed concerns over global crude oil supplies.

Wall Street advances sharply

Gold futures hit a record, briefly venturing above $913 an ounce as the dollar tumbled against other major currencies. The euro reached a new high above $1.49.Other commodities were higher, too. Crude oil rose $1.51 to settle at $94.20 a barrel on the New York Mercantile Exchange.Peter Dunay, investment strategist at Leeb Capital Management, believes the run in commodities prices will continue as Wall Street eyes what the Federal Reserve will do at its Jan. 29-30 meeting. Chairman Ben Bernanke has convinced investors the central bank will cut rates, and the expectation of cheaper money also bolstered sentiment Monday``We're expecting inflation to be a problem, and believe the commodity demand is going to continue,'' Dunay said. ``We think the Fed is going to throw as much money as they can to keep us out of recession, or keep the recession mild, so commodities will be higher.''Stocks sold off sharply last week after a chorus of Wall Street economists predicted the U.S.

Dow up 90 despite inflation, growth worries

Stocks climbed out of a hole Wednesday, closing higher despite conflicting worries about inflation and economic growth.

Advances by technology stocks, led by an 8 percent rally in the shares of Hewlett-Packard, and energy stocks, reflected in a nearly 2 percent gain by Chevron, helped lead the market higher.

In futures trading, crude oil continued its assault on triple-digit barrel prices. Oil for March delivery rose 73 cents a barrel, to $100.74, its second straight record-high close, after trading as high as $101.32 during the session.

Oil prices remain near US$99 a barrel but market seen staying bullish

Oil prices were barely higher Friday from the previous session's close after setting a record above US$100 a barrel overnight on a larger-than-expected drop in U.S. crude stockpiles.

The U.S. Energy Department's Energy Information Administration said Thursday that crude inventories fell 4 million barrels last week, much more than the 1.7 million barrel decline analysts surveyed by Dow Jones Newswires, on average, had expected.

Oil price hits record $US101

New York's main oil futures contract, light sweet crude for delivery in March, subsequently receded, but closed up 73 cents at an all-time high of $US100.74. The latest price spike burst Tuesday's record price of $US100.10 and record close at $US100.01. In London, Brent North Sea crude for April delivery settled 14 cents lower at $US98.42, after striking a record $US98.70 Tuesday. Prices have soared amid growing speculation that OPEC, which supplies about 40 per cent of the world's oil, may cut output at its March 5 meeting in Vienna, anticipating a fall in demand at the end of the northern hemisphere winter and a US economic slowdown, analysts said. "Supply worries and comments by some OPEC members that the group might not raise output at their March meeting provided the catalyst for the sharp rally," said Barclays Capital analyst Kevin Norrish.

Oil prices touch new high of $101.32

SINGAPORE: World oil prices hit a new record of USD 101.32 a barrel on renewed concerns over global crude supplies, dealers said on Thursday.

New York's main oil futures contract, light sweet crude for delivery in March, touched the all-time peak in electronic trading before it lapsed.

In morning trade, the contract for April delivery which took over was trading at USD 99.76 a barrel, up six cents from the previous day.

Brent North Sea crude for April delivery rose three cents to USD 98.45 a barrel. .