LONDON. Aug 7: Oil prices retained their recent buoyancy, even pushing briefly above 20 dollars a barrel in London to touch their highest levels since November 1997, as producer countries continued to respect an output squeeze, reports AFP.

The North Sea Brent benchmark crude price settled at 19.96 dollars from 19.91 dollars one week earlier.

On the New York Mercantile Exchange (NYMEX), light sweet crude prices for September eased slightly to 20,56 dollars a barrel from 20.97 dollars.

Worldwide supply has been effectively reined in by a March agreement of countries in the Organisation of Petroleum Exporting Countries (OPEC) to cut output by 1.7 million barrels of oil a day.

'The uptrend is very firm," said oil analyst Peter Gignoux. "Compliance levels of the OPEC members has been very good, at 95 per cent.

Another factor is that two days ago the Russian fuel ministry put export controls on fuel

oil. cutting its total exports by 800,000 tonnes per month, which will mainly affect Europe." Gignoux said.

Russian officials say the export restrictions will not be eased until October as efforts are stepped up to ensure that the domestic market is sufficiently supplied for the long winter ahead.

Rubber : Duck. The market found some support amid better demand for TSR 20 rubber used in tyre manufacturing, but most prices nonetheless slipped.

The London rubber index fell to 397.5 pounds per tonne (for September delivery) from 405 pounds a week ago and 402.5 pounds per tonne (for October).

In Kuala Lumpur, the RSSI index slipped slightly to 2.085 ringgit a kilo from 2.09.

Cocoa : Flat. Cocoa prices fell only slightly as favourable weather conditions continued in the world's leading producer country. Cote d'lvorie, stoking predictions of a bumper harvest there.

Prices on the London market fell by six pounds to 702

pounds a tonne.

The ’ re decline was restrained uj trie low level of exports from Indonesia, the world's third most important exporter.

Coffee : Stable. Coffee prices were flat amid thin summertime trading in the northern hemisphere.

On the New York market. Arabica for December delivery fell in price to 95.90 cents a pound from 99.80 cents.

On the London market, Robusta for September delivery slipped to 1.340 dollars a tonne from 1,344 dollars.

Dealers rioted an announcement from Colombia, the world’s second biggest exporter after Brazil, that its 1999 harvest was the worst this decade at 10.5 million sacks (of 60 kilogrammes), compared with expectations of a 12.5-million sack crop.

Tea : Strong. Tea prices continued their upward march in Kenya's Mombasa auction houses, the London Tea Brokers Association said.

High quality BPI (Broken

Pekoe) leaves rose by up to 13 cents per kilo. Lower-grade leaves rose by up to eight cents a kilo.

Sugar : Mouse. Sugar prices were rangebound in mostly technical trading, gaining a little support from firmer soya and wheat prices.

On the London market, contracts for December delivery fell slightly to 191.40 dollars a tonne from 191.80 dollars.

On the New York market, white sugar for March delivery rose to 6.47 cents a pound from 6.41 cents.

Sugar prices have firmed as Brazil resumes a string of auctions designed to reduce the country's stocks of alcohol fuel, which is manufactured from sugar cane.

Brazil auctioned of 100 mil- ’ lion liters of alcohol fuel, a move likely to incite producers to turn their cane into the fuel . rather than into white sugar.

Vegetable Oils : Warm. US soya prices picked up this week due to the drought afflicting some producer regions.

On the Chicago Board of

Trade (CBoT). soya prices perked up 0.40 cents a bushel to 4.71 cents (for August delivery).

No prices were available for the Rotterdam market.

Weather forecasters are warning of scant rainfall in some producer regions in the coming days, bad news for soya producers who need a certain measure of humidity to grow their crop.

Grains : Storm. US wheat prices pushed higher again this week, encouraged by unfavourable weather in the MidWest producer states.

On the Chicago market, wheat prices rose by 24 cents a bushel (of 27.2 kg for September delivery) to 278.50 cents.

Wheat prices also benefited from a drop in world stocks as well as from estimates that the US harvest in 1999 would be worse than predicted due to disappointing spring harvests, dealers said.

Maize prices also rose along with wheat as certain producer regions were hit by'drought.

The price of a bushel of

maize (25.4 kg. for September) rose 23.5 cents to 223.25 cents.

On the London market, wheat prices rose by 40 pence to 75.80 pounds a tonne (for September delivery), on the wings of the stronger US wheat market.

Cotton : Stricken. Cotton prices ended the week slightly lower, investors betting that the drought in the southern US states that are home to most plantations would not tangibly affect harvests.

October contracts on the New York market lost 0.46 cents to end at 51 cents a pound. Cash Srices covered by the Cotton utlook index fell by 2.1 cents to 51.59 cents a pound.

Investors are still anticipating a strong US 1999 harvest of 18.7 million bales.

Wool: Heavy. The British market was lacklustre at the height the traditionally sluggish summer season. The Wooltops index fell by two pence to 306 pence per kg.

The Australian auctions remained closed and were due to reopen on August 12.