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Commodities: Crude continues to rise

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Date: Friday 15 Feb 2008

LONDON (ShareCast) - Crude prices moved above $95 a barrel as traders continued to worry about the row between Exxon and Venezuela.

Crude for March delivery rallied $2.19 to close at $95.46 a barrel.

Traders continued to fret over the Venezuela’s threat to stop oil supplies to Exxon, while prices were also being helped by data showing the Japanese economy grew more than expected in the last quarter of 2007.

Natural-gas futures also closed higher after the Energy Information Administration reported that gas inventories fell 120bn cubic feet.

Platinum prices hit record levels amid continued concerns over power supplies in South Africa, the source of around 80% of world production.

Meanwhile, gold prices rose a touch as the dollar fell.