Oil and gold prices hit new highs Wednesday, but have retraced some of their gains.
Oil for November delivery at 7:30 a.m. EDT Wednesday on the New York Mercantile Exchange was trading at $74.93, up 78 cents. Earlier in the session it rose to $75.17, up $1.02, surpassing its previous high for the year of $75.
Gold for November delivery was at $1,063 an ounce, down $1.50. It rose above $1,070 an ounce earlier in the session, an all-time high.
Most of the major oil concerns rose Tuesday, with Exxon Mobil(XOM Quote), Chevron(CVX Quote) and Marathon Oil(MRO Quote) closing higher by 0.2%, 0.5% and 1.2%, respectively. ConocoPhillips(COP Quote), however, tracked backward, losing 0.8% at the closing bell.
