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Commodities: Crude eases off record high

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Date: Monday 07 Jul 2008

LONDON (ShareCast) - After hitting a record high of $145.85 Thursday in New York, oil prices eased lower Friday, with US crude for August delivery down $1.19 at $144.10 a barrel in electronic trading on the New York Mercantile Exchange.

US markets were closed Friday, with no floor trading because of the July Fourth Independence Day holiday. In London, Brent crude futures fell $1.15 to $144.93 a barrel.

Concern about rising tensions between the Wet and Iran ramped prices higher Thursday but by Friday fears were soothed after reports that Iran had responded to offers of international economic and other incentives if it stops the main part of its nuclear programme.

Gold futures for August delivery fell $12.90 on Thursday at $933.60 an ounce on the New York Mercantile Exchange. Normal futures trading on Nymex was closed for the US holiday.

In London gold fell to $925.25 an ounce from $932.00. Dealing was, as expected, thin on the ground, before the US markets reopen Monday after the holiday.

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