Oil surges in volatile trading week

LONDON, Feb 7 (AFP): World oil prices surged this week after recent heavy losses, aided by signs of tightening US supplies according to analysts.
OIL: Crude futures shot higher in volatile trading as data revealed production cuts that could curb the supply glut.
The Baker Hughes North America rig count fell sharply in the week to January 30, dropping by 128 rigs to 1,937. That compared with 2,393 a year ago.
Deep cuts in capital spending by major oil companies, including new announcements Tuesday by BP and BG Group, also suggested there would be tighter supplies in the future.
Crude futures were hammered Wednesday by official data showing another increase in US crude inventories, hitting 30-year highs. WTI shed nearly $5, or almost nine per cent in one day, echoing a price plunge in Brent that was the steepest since November.
PRECIOUS METALS: Gold dropped further as the shine was taken off its status as a haven following positive US jobs data.
US employers kept their doors wide open for new job seekers in January despite a mid-winter slowdown in economic activity, a strong report by the Labor Department showed Friday.
Coupled with a modest gain in wages, the much better-than-expected report suggested the US labour market is beginning to tighten after years of slack, economists said.
By Friday on the London Bullion Market, the price of gold dropped to $1,241 an ounce from $1,260.25 a week earlier. Silver grew to $17.22 an ounce from $16.92.
On the London Platinum and Palladium Market, platinum increased to $1,239 an ounce from $1,221. Palladium advanced to $786 an ounce from $775.
BASE METALS: Most industrial metals rose, with copper striking a two-week peak at $5,755 per tonne as monetary policy easing in China stoked hopes of rising demand in the key commodity consumer.
China's central bank said Wednesday it would make an across-the-board cut in the per centage of funds banks must hold in reserve, the first such cut in nearly three years as the world's second-largest economy falters.
The People's Bank of China said in a statement the reserve requirement ratio would fall by 0.50 percentage points, effective from Thursday. The last time the central bank implemented an across-the-board cut in reserve requirements was May 2012.
By Friday on the London Metal Exchange, copper for delivery in three months rose to $5,677 a tonne from $5,468 a week earlier.
Three-month aluminium rallied to $1,878.50 a tonne from $1,863.50. Three-month lead increased to $1,860 a tonne from $1,845. Three-month tin declined to $18,920 a tonne from $19,250. Three-month nickel gained to $14,920 a tonne from $14,720.
COCOA: Futures extended losses. By Friday on LIFFE, London's futures exchange, cocoa for delivery in May dipped to £1,911 a tonne compared with £1,917 for the March contract a week earlier.
On the ICE Futures US exchange, cocoa for May climbed to $2,777 a tonne from $2,707 for the March contract the previous week.
SUGAR: Prices steadied after recent falls caused by strong supplies.
By Friday on LIFFE, the price of a tonne of white sugar for delivery in March edged up to $382.50 from $382.40 a week earlier.
On ICE Futures US, the price of unrefined sugar for March slid to 14.57 US cents a pound from 14.77 US cents.
COFFEE: Prices recovered in New York on signs of possible tightness for Brazilian supplies, traders said.
By Friday on ICE Futures US, Arabica for delivery in March gained to 166.60 US cents a pound from 159.40 cents a week earlier. On LIFFE, Robusta for March eased to $1,927 a tonne from $1,934.
RUBBER: Kuala Lumpur prices rebounded. By Friday, the Malaysian Rubber Board's benchmark SMR20 rose to 141.85 US cents a kilo from 138.45 US cents a kilo.