Commodities: Oil and gold recover

Date: Tuesday 09 Feb 2010

Crude oil prices recovered some of last week’s losses on Monday as the dollar weakened against major currencies.

Crude oil for March delivery settled up 70 cents at $71.89 a barrel.

Unease about the euro zone's sovereign debt crisis seemed to shift a bit and sent the dollar off recent highs.

Oil prices slumped on Friday as the dollar surged to an eight month high against the euro on concern about mounting debt in some euro zone countries. The dollar’s safe qualities have been in high demand, putting pressure on demand for commodities.

Among precious metals gold for April delivery rose $13.40 to settle at $1,066.20 an ounce after last week’s sell-off. The weaker dollar increased the yellow metal’s appeal as concern about fiscal woes in Greece, Spain and Portugal abated.

Silver for March rose 26 cents to $15.09 an ounce while copper added 5.25 cents to $2.91 a pound.

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