NEW YORK—Most commodities prices advanced Wednesday, lifted by the rising price of oil as traders eyed the trajectory of Tropical Storm Gustav.

The storm, though downgraded from hurricane status, appeared headed for the Gulf of Mexico, where key oil facilities are located. Back in 2005, hurricanes Katrina and Rita temporarily halted nearly all production in the region.

But with the dollar mixed and trading volumes thin ahead of the Labor Day holiday weekend, some metals and grains ended on a weak note.

Oil prices rose for the third consecutive session, shrug...

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