Financial Times FT.com

Crude oil gains a tighter grip on $80 level

By Chris Flood

Published: October 23 2009 12:05 | Last updated: October 23 2009 22:38

Oil stole the spotlight from gold as US crude prices hit their highest levels of the year in a week when cocoa, corn, soyabeans, and wheat also rallied strongly.

US oil reached $82 a barrel on Wednesday, a high for 2009 and up 83.8 per cent since the start of the year, fuelling concerns that rising oil prices could hinder global economic recovery.

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