COMMODITIES

Gold edged higher on Thursday to trade below one-month highs, helped by a record low dollar, but the market was disappointed with the metal's slow upward move.

Oil eased from an 11-month high on Wednesday ahead of U.S. data that will give a snapshot of fuel and crude supplies in the world's top consumer.

OPEC can do nothing about the high price of oil because factors other than crude supply have sent the market to near record levels, Qatar's Energy Minister said on Wednesday.

Gold rose to its highest level in more than one month on Wednesday on a weak U.S. dollar and dealers said the metal was gaining momentum to hit new highs.

Oil neared another 11-month high on Tuesday, extending nine days of gains that have lifted crude by $6 to within striking distance of its record above $78.

Just as U.S. drivers were getting used to falling gasoline prices, pump costs increased for the first time in six weeks, the government said on Monday.

Oil prices edged lower on Monday after reaching an 11-month high late last week, as light post-weekend profit-taking was limited by concerns over U.S. fuel supplies, Nigerian crude shipments and North Sea maintenance.

World oil demand will rise faster than expected to 2012 while supply lags, the International Energy Agency said on Monday, leading to a tighter market than previously anticipated.

Gold crawled higher on Monday on bullish energy prices and slight falls in the dollar, while Tokyo futures prices rallied to a two-week high.

Oil surged to an 11-month high above $76 a barrel on Friday, closing in on the all-time record as Nigerian disruptions and OPEC output cuts stirred supply concerns amid rising U.S. refiner demand.

Oil surged to another 10-month high above $74 a barrel on Thursday ahead of U.S. data that is expected to show refiners are processing more crude to meet robust summer gasoline demand in the world's top consumer.

Gold was little changed on Thursday as traders adjusted positions following gains this week, with precious metals in general supported by lingering security concerns and strength in energy prices.

Gold edged higher on Wednesday to trade just above a key level of $650 an ounce, but business was very low key because of a holiday in the United States.

Oil edged down on Wednesday from a 10-month high above $73 a barrel, though analysts expected the rally to resume due to low U.S. fuel inventories and expectations of strong gasoline demand.

Gold inched up on Tuesday after climbing more than 1 percent the previous day on a weaker dollar and security concerns, while Tokyo futures tracked dollar-based gold's rise to end up about 1 percent.

Oil was steady above $72 on Tuesday after hitting a 10-month high the previous session, and analysts predicted increasing crude oil demand from U.S. refiners and technical factors would soon push prices higher.

Oil prices rose to 10-month highs above $72 on Monday on expectations that recovering refinery operations in the United States and ongoing supply restrictions will cut into global oil inventories.

Security concerns and a sharp drop in the dollar helped gold hit its highest level in nearly two weeks on Monday, but investors were expected to trade cautiously ahead of the U.S. Independence Day holiday.

Oil rose to $71 a barrel on Friday as investors focused on falling gasoline inventories in top consumer the United States and a regional drop in crude stocks.

Oil rose towards $71 a barrel on Thursday after a surprisingly steep decline in U.S. gasoline stocks revived supply worries during the height of the summer driving season.

Gold steadied on Thursday after hitting three-month lows the previous day, but analysts were waiting for the outcome of a two-day Federal Reserve meeting that should steer financial markets in the short term.

Gold on Wednesday hit its lowest in more than three months and silver fell to its weakest in more than five months as commodities were hit by the latest wave of risk aversion in global financial markets.

Gold was steady on Tuesday as the resilience of the dollar versus the euro reduced investor appetite for the metal, while a rise in the yen dragged down yen-based gold futures in Tokyo.

Oil eased to around $71 a barrel on Tuesday as investors weighed ample fuel stocks in top consumer the United States and the potential for higher Nigerian crude exports.

Oil prices fell by more than $1 to near $70 on Monday after Royal Dutch Shell said it was preparing to resume exports from a Nigerian oilfield abandoned over a year ago because of militant attacks.

Gold held steady on Friday after falling to a one-week low the previous day, while bullion contracts in Tokyo extended losses as cautious investors digested a plan by the Japanese exchange to boost liquidity.

Oil jumped more than a dollar to top $71 a barrel on Friday on fears a strike by Nigerian unions could intensify and disrupt shipments from the world's eighth-largest exporter.

Oil prices eased further on Thursday, pressured by bulging U.S. crude stockpiles and expectations that a strike in Nigeria would not slow shipments from the eighth largest oil exporter.

Gold extended losses on Thursday to slip to its lowest in nearly a week as a firmer dollar and rising bond yields triggered more selling, traders said.