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Date: Tuesday 08 Jul 2008

LONDON (ShareCast) - Crude oil broke its four-day winning streak Monday with commodities suffering a broad sell-off as concern about Iran, Iraq and the West eased

Crude for August delivery fell $3.92 to close at $141.37 a barrel on the New York Mercantile Exchange.

Crude hit a record high last week on fears about the possibility of conflict between Iran and Iraq. Iran’s foreign minister Manouchehr Mottaki said his country would not launch an attack on Iran. He added that Iran was in “a new environment” with the West with regards to their nuclear programme.

Crude for August delivery had dropped $5.79 earlier in the day to an intra-day low of $139.50 a barrel but later recovered nearly a couple of dollars.

A stronger dollar also weighed on oil prices, with the greenback gaining momentum against the euro and yen as focus turns to the Group of Eight meeting in Japan.

Among precious metals gold for August delivery settled $4.80 lower at $928.80 an ounce on the New York Mercantile Exchange as it tracked oil prices lower.

The yellow metal had dropped to as low as $916.60 earlier in the session, but managed to claw back over $10 as the dollar lost momentum against major currencies.

September silver fell 45 cents to settle at $17.92 an ounce while July platinum lost $46.60 to $1,981.30 an ounce.

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