Azerbaijan, Baku, Feb. 18 / Trend /
Commodities gained to a one-week high as unrest in the Middle East and North Africa boosted oil prices and after the Group of Seven intervened in currency markets to help Japan after last week's earthquake, Bloomberg reported.
"The market switched focus from Japan's nuclear crisis back to the escalating geopolitical tensions in Libya," Mark Pervan, head of commodity research at Australia and New Zealand Banking Group Ltd. in Melbourne, wrote today in a report.
Crude climbed as much as 2.2 percent in New York today after the United Nations Security Council voted to ground Libya's air force and establish a no-fly zone. Oil jumped the most in three weeks yesterday after Libyan leader Muammar Qaddafi's jets dropped bombs around Benghazi and Bahraini security forces arrested opposition leaders. The International Energy Agency estimated the output loss in Libya at about 1.3 million barrels a day.
"The prospect of supply tightening is keeping a floor under oil prices," said Ben Westmore, a commodity analyst at National Australia Bank Ltd. in Melbourne.
Crude for April delivery climbed as high as $103.66 a barrel in New York and last traded at $102.95.
Gold gained for a third day as the fighting in Libya and unrest in Bahrain boosted demand for safer assets.
Immediate- delivery bullion rose 1.2 percent to $1,420.60 an ounce, and silver increased 2.9 percent to $35.2438 an ounce. Copper for three-month delivery fell 0.2 percent to $9,543 a metric ton on the London Metal Exchange, heading for a weekly gain.