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Commodities: Crude continues to rise

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Date: Monday 14 Jul 2008

LONDON (ShareCast) - Oil prices reached record highs on Friday as political tensions in the Middle East and Nigeria pushed prices above $147.

Profit taking in the afternoon saw prices come down from those earlier highs though a barrel of oil still settled up $3.43 to $145.08.

Reports of Israel carrying out air force drills in Iraqi airspace pushed prices forward, raising fears of a confrontation with Iran. Iraq's Defense Ministry said it had no knowledge of such an operation.

Iran has been firing missiles this week in a planned show of strength aimed at deterring Israel and the US from attacking Tehran’s uranium enrichment programme.

Prices also rose after a militant group in Nigeria, renowned for attacking oil installations, said it would abandon its ceasefire while Brazilian oil workers threatened strikes next week.

The strength of oil also helped gold prices rally. The weak dollar and the poor performing equity markets were also a factor in pushing gold up $18.60 to $960.60 an ounce

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