COMMODITIES

Oil jumped nearly 3 percent to a record over $86 a barrel on Monday as fresh tensions in the Middle East added to worries of a supply crunch when cold weather stokes up heating demand this winter. Oil prices have more than quadrupled since 2002 but remain below the inflation adjusted peak of around $90 a barrel struck after the Iranian revolution of 1979.

Gold struck a 28-year high on Monday, with the metal's appeal polished by a weak dollar, record high oil prices and geo-political tensions, while continued supply worries swept platinum to lifetime peaks.

Stable gasoline prices over the last two months have shielded U.S. consumers from the impact of galloping crude oil prices, but drivers will face more pain at the pump if the cost of crude remains high into next spring.

Oil zoomed to a new record high above $85 a barrel on Monday as a robust demand picture amid booming commodity markets and fresh geopolitical worries put tight oil supplies into sharp focus.

PetroChina has discovered another major gas field in western Xinjiang, which has an initial estimated daily output capacity of 286,000 cubic meters., and boasts an estimated reserve of as much as 130 billion cubic meters, the company's Tarim unit confirmed Wednesday.

Oil moved back above $83 a barrel on Friday, within sight of all-time highs, on mounting tensions between Turkey and northern Iraq.

Gold rose to the highest price since 1980 as the ailing U.S dollar boosts the appeal of precious metals, while platinum set a record high in London aided by the rising bullion and concerns on over supply.

Oil approached record highs on Thursday, surpassing $83 a barrel an unexpected decline in U.S. inventories stoked concerns about supplies in the world's top consumer ahead of winter.

A sickly dollar and firming oil prices swept gold to 28-year highs on Thursday, while platinum was set in London at a record high of $1,407 per ounce, aided by rising bullion prices and worries over supply.

Oil rose sharply to $83 a barrel on Thursday, within striking distance of an all-time high, after a surprise drawdown in U.S. crude and distillate stocks.

Platinum rose, matching a record, after the dollar declined for a second day against the euro, enhancing the appeal of the metal as an alternative investment. Palladium also gained.

Wheat rose for the first time on Wednesday after prices dropped from a record high last month.

Gold finished about $2 higher on Wednesday as a decline in the value of the dollar boosted the appeal of the precious metals as alternative investments.

Oil held near $80 a barrel on Wednesday, with the market underpinned by expectations of tighter fuel inventories ahead of winter.

Gold extended gains on Wednesday as a soft dollar encouraged buying, while Tokyo futures tracked bullion to hit a fresh 22-½ year high.

Huge amounts of investment money pouring into commodity markets is increasing the risks for brokers, leaving the market more vulnerable to volatility, the chief executive of brokerage firm Sucden told Reuters.

Oil extended its losses to ease below $79 a barrel on Tuesday, after a nearly 3 percent slump in the previous session amid a wider slide in commodities tied to a rebound in the U.S. dollar.

Gold fell after the dollar advanced against the euro on Monday, reducing the appeal of the precious metals as alternative investments.

Oil fell more than $1 on Monday to below $80 a barrel, tracking a firming U.S. dollar which rebounded from recent record lows.

Oil fell on Friday after stronger than expected U.S. employment data boosted the weak U.S. dollar.

Gold rebounded to trade higher on Thursday after hitting two-week lows, as the metal's allure as an alternative investment rose with a drop in the dollar.

Oil prices steadied near $80 on Thursday after a surprise build in U.S. crude inventories overshadowed an unexpected decline in fuel stocks.

Crude oil inventories rose unexpectedly last week in the United States while distillates posted a surprising draw, according to weekly government data issued on Wednesday.

Gold bounced and gained as much as $5 on Wednesday after falling to a one-week low the previous day, suggesting that fundamentals still favored the metal used as an alternative investment to bonds and currencies.

Oil climbed further above $80 a barrel on Wednesday after three days of losses as investors expected weekly U.S. data to show crude stocks declining and raising the prospects for a winter supply crunch.

Gold fell the most since August after the dollar rebounded against the Euro on Tuesday.

Oil prices fell for the third day in a row after the dollar rebounded reducing the appeal of the commodities.

Oil fell below $80 a barrel on Tuesday, retreating for a third day as a strengthening dollar and concerns about the world economy prompted investors to take profits.

Gold fell 2.7 percent on Tuesday as a rising dollar prompted investors to take profits from the metal's 28-year highs, but analysts said the upward trend remained intact.