World oil prices rallied close to US$100 per barrel on Friday, as traders absorbed impressive fourth-quarter US economic growth and fretted over worsening political turmoil in Egypt.
Most other commodity markets also won support this week from news that the US economic recovery picked up speed in the last three months of last year, stoking hopes of strengthening demand for raw materials.
OIL: London Brent oil surged as high as US$99.74 per barrel in late afternoon trading on Friday, striking a new two-year peak.
The crude oil market won further support from intensifying political unrest in Egypt.
Oil jumped gon the back of concerns that increased unrest in Egypt and the rest of North Africa could impact the Suez Canal and the safe passage of oil and gas to and from Europe,h CMC Markets analyst Michael Hewson said.
Meanwhile, the gap between Brent and New York has widened to a record, at more than US$12, owing to the high level of crude stockpiles at the Cushing storage depot in Oklahoma.
By Friday afternoon on Londonfs Intercontinental Exchange, Brent North Sea crude for delivery in March leapt to US$99.34 a barrel from US$96.86 a week earlier.
On the New York Mercantile Exchange, Texas light sweet crude for March delivery eased to US$88.75 a barrel from US$89.36.
PRECIOUS METALS: Gold prices slipped but it remains within grasp of its recent record peak.
The glamorous commodity had hit a record US$1,431.25 on Dec. 7, boosted by its safe-haven status as investors fretted over the eurozone debt crisis.
By late Friday on the London Bullion Market, gold eased to US$1,334.50 an ounce from US$1,343.50 a week earlier.
Silver dropped to US$26.68 an ounce from US$27.14.
On the London Platinum and Palladium Market, platinum edged down to US$1784 an ounce from US$1,817.
Palladium dipped to US$806 an ounce from US$814.
COCOA: Cocoa hit another one-year pinnacle at US$3,420 a tonne in New York as political uncertainty in Ivory Coast stoked supply concerns.
The price of a tonne of cocoa also reached a six-month high of 2,307 in London