LONDON (SHARECAST) - Crude oil prices rose on Friday, for the fourth straight day, on hopes that US Congress would make progress in talks to raise the debt ceiling. Light, sweet crude oil for September delivery rose 74 cents at $99.87 a barrel on the New York Mercantile Exchange. It earlier hit a high of $100.19 a barrel. In London Brent for September settled up $1.41 at $118.67 a barrel on the ICE Futures Exchange. Traders were mostly confident that sharply divided US leaders would be able to avert a default and reduce US borrowing before the 2 August deadline. Pressure is mounting on the US amid the deadline and also after rating agency Standard & Poor's reiterated that its concern that there is a 50% chance the US AAA credit rating may be cut within the next few months. Among precious metals gold hit a record high on Friday as the US government and Republicans try to thrash out an agreement on US debt. Gold for August delivery advanced $14.50 to $1,601.50 an ounce on the Comex division of the New York Mercantile Exchange.

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