LONDON — Oil rose to a new peak of $75 a barrel yesterday as investment funds snapped up crude futures and tension mounted over Iran’s nuclear intentions. U.S. light oil for June delivery CLc1 was up $1.31 at $75 a barrel at 1848GMT while London Brent LCOc1 was up $1.16 to $74.34.U.S. oil has rallied about $14 this year on supply concerns and as investment funds pour billions of dollars into commodities as they look for high returns among diverse assets.
Funds stepped in again yesterday, fuelling a recovery from early profit-taking. “It’s turned around, and it seems to be related to the injection of capital that we believe is coming from pension and mutual funds,” said Deborah White of SG CIB Commodities in Paris. “All week it has been like this, a cross-commodities rally.”