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Commodities: Oil boosted by weaker dollar

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Date: Sunday 06 Apr 2008

LONDON (ShareCast) - Crude oil finished higher on Friday with US light crude oil for May delivery up $2.40 at $106.23 a barrel on the New York Mercantile Exchange.

The dollar came under pressure after weaker than expected job data. The greenback generally trades in the opposite direction to oil as a weaker currency makes oil cheaper to buy.

Government data showed non-farm payrolls fell by 80,000 in March, the largest drop in five years and significantly more than the 50,000 economists had expected. The data underlines concern about the US economic outlook.

Among precious metals COMEX gold for June delivery rose $8.10 to $917.70 an ounce as the dollar fell.

Jitters about the economy boosted the gold metal’s safe haven qualities while the sagging dollar also boosted demand.

Silver for May delivery rose 28 cents to $17.76, platinum for July delivery added $17.60 to $ 2,030.50 while copper for May rose 5 cents to $3.96.