COMMODITIES

Crude oil prices reached a record high to surpass $80 per barrel on Wednesday after a government report said oil inventories dropped sharply.

Crude oil prices vaulted to a record high $80 a barrel on Wednesday as dealers focused on tight inventories in top consumer the United States ahead of peak winter demand. The surge in oil prices came a day after OPEC agreed to a small production hike in an effort to soothe consumer nations' fears that soaring crude costs could slow economic growth.

Oil held above $78 a barrel on Wednesday, close to its record high, after OPEC's modest output increase failed to allay fears over stock levels during the coming winter.

Gold stayed near a 16-month high on Wednesday as Tokyo futures hit their highest in nearly seven weeks on a falling yen, after media reports that Prime Minister Shinzo Abe would resign sparked fears of political uncertainty.

Saudi Arabia persuaded OPEC to raise oil output by 500,000 barrels per day on Tuesday in a gesture to consumer nations worried by the economic impact of $77 oil and rapidly diminishing fuel stocks.

Oil closed at a record high over $78 on Tuesday after an OPEC deal to ramp up production failed to calm concerns about thinning world inventories.

OPEC exporters agreed to increase their oil production for the first time in more than two years, raising output by 500,000 barrels per day to bring more oil supplies to the market.

Oil surged to near an all-time record over $78 a barrel on Monday as OPEC prepared to meet on output policy and after attacks on crude and natural gas pipelines in U.S. supplier Mexico.

Most OPEC oil ministers held the line on Sunday that current output is sufficient to meet demand, but the world's biggest exporter Saudi Arabia was silent ahead of a September 11 meeting to chart production policy. The group that supplies more than a third of the world's oil will consider conflicting economic signals at Tuesday's talks when it sets production levels for peak winter demand.

Starbucks Corp. Chairman Howard Schultz on Friday predicted a shortage of gourmet coffee beans as coffee drinkers across the globe develop more sophisticated tastes.

Gold hit a 16-month high above $700 per ounce on Friday, boosted by a falling dollar after U.S. data showing a surprise contraction in U.S. non-farm payrolls for the first time in four years.

Oil prices rose on Friday as tight supplies in the United States countered worries about a possible economic recession in the world's top energy consumer.

Oil rose slightly on Thursday as profit-taking cut into an earlier rally driven by rising tensions between Syria and Israel and a drop in U.S. inventories.

Gold hit a new six-week high on Thursday, supported by firm energy prices and improving physical demand in key consuming nations.

The oil market is well balanced and there is no shortage of crude, OPEC's president said on Thursday, ahead of a meeting of the producer group next week that is expected to maintain supply curbs.

Gold declined on Wednesday as investors took profits from a six-week high, but the metal remained supported by good physical buying and firm oil prices.

Oil slipped below $75 on Wednesday but remained within sight of an all-time high ahead of U.S. data expected to show a further tightening of crude stocks in the world's top consumer.

Gold hit a six-week high on Tuesday, helped by safe-haven buying and good physical demand, with investors awaiting the release of U.S. economic data that may change bullion's short-term direction.

Oil climbed further above $74 on Monday, within sight of its record high, as OPEC kept a lid on output in the run-up to its September 11 ministerial meeting.

Gold rose on Friday, aided by firm stocks and a strike at a gold mine, as speeches by U.S. President George W. Bush and Federal Reserve Chairman Ben Bernanke calmed financial markets ahead of the three-day U.S. Labor Day holiday weekend.

Oil rose on Friday as investors kept watch on a gathering storm in the Atlantic Ocean that renewed concern of possible damage to offshore oil rigs this hurricane season.

Gold cut losses in late European trade on Thursday, but remained vulnerable as the dollar gained against the euro and stocks fell as concern over global credit conditions hurt sentiment again, analysts said.

Oil was steady above $73 on Thursday after spiking two percent the previous day on an unexpectedly large drop in crude and gasoline stocks in top consumer the United States.

Gold changed course to trade higher on Wednesday, but investors remained cautious because of weaker equities and fears about the global economy.

Oil edged higher on Wednesday as investors balanced concern over the health of the U.S. economy against the prospect of declining fuel stocks in the world's top consumer.

Oil prices held around $72 on Tuesday, with U.S. refinery shutdowns reviving supply concerns just as peak summer driving demand draws to a close.

Oil prices rose on Monday as refinery outages in the United States stoked supply concerns again as the end of the summer driving season neared.

Gold was steady on Monday, staying within sight of last week's high, while the benchmark Tokyo futures contract rose 2 percent to its highest in more than a week due to a weaker yen and a strong New York close.

Commodities indexes remain popular even after this summer's market turmoil.