Brent oil tops $61 as outlook brightens
Sunday, 15 February 2015
LONDON, Feb 14 (AFP): Brent oil prices soared above $61 this week for the first time this year, aided by upbeat news on Ukraine and Greece and by rebounding economic growth in eurozone powerhouse Germany.
Elsewhere in commodity markets, India overtook China as the world's top consumer of gold, according to newly published industry data.
OIL: Crude oil prices rallied above $61 on easing tensions surrounding Greece and Ukraine, and as the global economic outlook brightened.
European stock markets also jumped higher Friday, with Germany's main index breaching 11,000 points for the first time as Greece appeared closer to a possible overhaul of its international bailout.
PRECIOUS METALS: Gold prices fell as many investors shunned the safe haven asset amid easing global tensions, while India overtook China as the top world consumer of the metal.
BASE METALS: Base or industrial metal prices also won a boost from easing worries over Greece and Ukraine, and bright economic growth in Germany and the eurozone.
COCOA: Futures gained ground on weather-linked supply concerns in key producing nations in West Africa.
SUGAR: Prices held firm in quiet trade.
By Friday on LIFFE, the price of a tonne of white sugar for delivery in May edged up to $391.40 from $382.50 for the March contract a week earlier.
COFFEE: Prices enjoyed mixed fortunes as traders also eyed prevailing weather conditions in key producers.
RUBBER: Kuala Lumpur prices drifted lower in subdued trade ahead of next week's Chinese New Year celebrations.