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Commodities: Crude higher after volatile session

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Date: Tuesday 26 Aug 2008

LONDON (ShareCast) - Oil prices experienced a volatile session Monday with US light crude oil for October delivery settling up 52 cents at $115.11 per barrel on the New York Mercantile Exchange.

On Friday crude futures fell over 5% as the dollar made headway and concern about dwindling demand dominated.

Monday’s session however saw oil prices hit a high of $116.06 and a low of $113.68 as the market weighed up concern about a new tropical storm in the Atlantic and continued tensions between Russia and Georgia against concern about slowing global demand.

With the US hurricane season at its peak period, there are fears that storms in the Atlantic could hit oil platforms in the Gulf of Mexico.

Among precious metals gold for December delivery fell $7.80 to close at $825.70 an ounce as the dollar rose against the euro.

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