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Commodities: Crude tops $143, settles lower

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Date: Tuesday 01 Jul 2008

LONDON (ShareCast) - Oil prices broke $143 a barrel for the first time early on Monday amid ongoing concern about global supplies, before settling lower.

Crude for August delivery closed down 21 cents at $140 on the New York Mercantile Exchange.

Earlier in the session crude surged to an all-time high of $143.67 a barrel during Globex electronic trading.

Speculation that crude supplies will be restricted by tensions in the Middle East and Nigeria ramped prices higher but demand later cooled as the dollar strengthened against major currencies.

Analysts said overall trading was volatile with traders closing positions ahead of the US holiday weekend.

Among precious metals gold for August delivery tracked oil prices lower, settling down $3 at $928.30.

Gold demand dwindled during Monday' session as the dollar regained some ground after losses on Friday.

Silver for September fell 20 cents to close at $17.51 an ounce while September palladium fell $6.45 to end at $464.75 an ounce.

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