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Commodities: Oil back above $120 a barrel

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Date: Friday 22 Aug 2008

LONDON (ShareCast) - The price of crude oil was back above $120 a barrel in trading on the New York Mercantile Exchange as tensions between the USA and Russia escalated.

Crude for October delivery rose to its highest level since 4 August, climbing $5.62 to $121.18, as Russia said it was suspending all military co-operation with NATO after NATO declared there would be no "business as usual" with the Russian government unless Russia withdrew its troops from Georgia.

General Vladimir Boldyrev, commander of the Russian ground forces in the region, indicated that the vast majority of Russian troops would be withdrawn from the region in the next ten days.

The price of gold was also hitting the recovery trail as the US dollar surrendered recent gains.

Gold for December delivery closed $22.70 higher at $839, its highest level since 8 August. With the dollar’s rally running out of steam and oil prices back on the rise, gold found buying support, with short-sellers rushing to close their positions.

Other metals fared well, with platinum, palladium and copper all dearer. Silver futures rose more than 5%, advancing 69 cents to $13.74 an ounce.

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