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Commodities: Crude bounces back after record fall

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Date: Tuesday 22 Jul 2008

LONDON (ShareCast) - Oil futures rose on Monday for the first time in five sessions, having posted the biggest ever weekly loss last week

Crude for August delivery, which will expire Tuesday, rose $2.16 a barrel to $131.04. Last week, oil prices slumped $16.20 a barrel.

Multilateral talks over Iran's nuclear program ended without any agreements, though another meeting is earmarked in two weeks time.

The possibility of tropical storm Dolly heading towards the Gulf of Mexico also helped oil prices move forward.

Gold moved ahead thanks to the rise in oil price and the weaker US dollar. The August delivery rose $5.70 to end at $963.70 an ounce

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