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Commodities mixed

AFP,London
Oil prices were mixed and base metals dropped this week but cocoa futures struck a 23-year peak as US President Barack Obama began work on saving the ailing US economy.
The global economic crisis claimed more victims on Friday as Britain officially entered recession and job losses and bankruptcies continued to mount across Europe, Japan and the United States.
Obama, Inaugurated TUesday, meanwhile warned the economic crisis may be unprecedented and must be dealt with rapidly as he nudged Congress to meet a mid-February deadline to pass a huge stimulus package.
OIL: Oil prices were mixed by the finish on Friday as the market proved volatile amid growing concerns about the worsening economic slowdown which is dampeningdemand.
Prices did find some support, however, despite the United States -- the biggest crude consuming nation -- announcing a sharp increase in its energy stockpiles.
The US Department of Energy said crude inventories jumped 6.1 million barrels last week, far more than analyst expectations for an increase of around two million barrels.
"Volatile swings are likely to continue, with the (oyj market also tracking equj. ties and the dollar,’ said VTb Capital analyst Andrey Kryuchenkov.
Oil prices have plummeted from record highs above 147 dollars in July because of a worsening global economic slowdown that has dented demand.
Hopes of a pick up in demand were not helped Thursday as it was revealed that unemployment claims had hit a 26-year high and housing construction fallen to half-century lows in the United States, the world's biggest energy consumer.
Britain is meanwhile in recession for the first time since 1991, official data showed Friday, triggering a plea from Prime Minister Gordon Brown for renewed international help to tackle the financial crisis.
Oil prices had jumped higher Wednesday on hopes that President Obama would help pull America out of recession.
The market also won brief support from evidence of OPEC production cuts.
OPEC, whose member nations together pump about 40 percent of world crude, would consider further cuts to oil production if prices continued to fall. Algerian Energy Minister Chakib Khelii had said last week.