Oil's surge meanwhile helped gold to a record high of 948.59 dollars an ounce, they added.
Gold was in demand from investors seeking a haven for their cash amid concerns about rising inflation amid surging oil prices.
The price of
"Oil prices are being supported by lingering worries about oil supply," said Commonwealth Bank of
He added that in the near-term the oil market will be "heavily influenced" by any decision of the Organisation of Petroleum Exporting Countries on output levels at its next meeting on March 5.
OPEC ministers kept the official daily output ceiling at 29.67 million barrels of oil at an emergency meeting on February 1, resisting calls from
But the market is rife with speculation that OPEC, which supplies about 40 percent of the world's oil, would keep steady or even decide to cut production.
As for gold, James Moore of TheBullionDesk.com said the precious metal "looks set to extend higher in the coming sessions as investors seek assets to offset rising inflation".
"The metal should now look to challenge 950 dollars, with 1,000 dollars an ounce still a realistic target this quarter," he added.