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Oil, metals rescue investors as commodity prices rally

All’, London
Oil and most metals prices rebounded last week as inves tors sought a safe haven owing tn a weaker dollar, struggling stock markets and global sup ply tensions.
" Diursday saw a big bounce across the commodity spectrum as the dollar weakened and oil experienced a massive ... rally,' said UBS analyst John Reade.
Oil: Oil prices jumped back above 122 dollars per barrel on the back of simmering geopolitical tensions between the United States and Russia, a weak dollar and a large drop in US motor fuel reserves.
New York crude oil hit to 122.04 dollars in Thursday trading, a level last seen in early August before slipping back Friday.
"Mounting geopolitical tension between the US and Russia continues to raise market concerns," said Barclays Capita] analyst Michael
Zenker.
Oil prices had got a boost Wednesday and Thursday alter figures showed US gasoline (petrol) reserves slumped 6.2 million barrels last week, com pared with market expecta lions for a drop of only 2.4 mil lion barrels.
Gasoline stocks are closely watched at this lime of year as American motorists are on the highways lor their summer vacations, typically pushing up demand for motor fuel.
Despite recent gains, world oil prices have tumbled sharply from record highs above 147 dollars a barrel set in July as weak economic growth dents global demand for energy.
lYaders said the market was now looking ahead to what position the Organization of the Petroleum Exporting Countries (Opec) would take at its regular September meeting. Opec, which is steered by Saudi Arabia, produces about 40 percent of die world's crude.
Precious metal: Gold prices rebounded above BOO dollars an ounce.
The gains "again prove gold's role as a hedge against inflation as well as periods of economic unrest and geopolitical tension," said Bullion Desk analyst James Moore.
On the London Bullion Market, gold rose to 824 dollars per ounce at Friday's late fixing from 786.50 dollars a week earlier.
Silver increased to 13.62 dollars per ounce from 12.82 dollars.
On the London Platinum and Palladium Market, platinum advanced to 1,427 dollars per ounce at the late fixing on Friday from 1,400 dollars.
Palladium slipped to 288 dollars per ounce from 295 dollarson profit-taking.
Sugar: Sugar prices rose this week.
"Sugar also rose strongly, (...) with the rise in crude oil prices providing strong support," said
analysts al Barclays Capital.
Sugar is used in the production of ethanol, a cheaper alter native to motor fuel that is refined from crude oil.
By Friday on IJPFE, the price per tonne of white sugar for October delivery improved to 401.20 pounds from 381.80 pounds the previous week
On NYBOT, the price of unre fined sugar for October delivery increased to 13.91 US cents per pound from 13.13 cents.
Grains and soya: Grains and soya prices rose further as the market tracked weather developments in the US Midwest.
By Friday on the Chicago Board of Trade, maize for December delivery was higher at 6.07 dollars per bushel from 5.50 dollars the previous week.
November-dated soyabean meal -- used in animal feed — rose to 13.31 dollars from 12.24 dollars.
Wheat for December delivery firmed to 9.09 dollars per bushel from 8.49 dollars.