April 14, 2002	Sunday	Muharram 30, 1423

LONDON, April 13: Volatile oil prices dominated world commodity markets this week, buffetted by Middle East turmoil, concerns about disruption to Gulf oil suppliesthe beginning of the week after Iraq said it was choking off oil to the West to protest a bloody Israeli military offensive in Palestinian territories.

But by the end of the week worries about a collective embargo had been overtaken by concernsitment to the output curbs orchestrated by the Organization of Petroleum Exporting Countries (Opec).

The oil-price spurt rattled other commodity markets as economists warned that higher energy prices could stymie a nascent global economic rece notable victim, remaining under pressure. Gold prices held above 300 dollars an ounce.

GOLD: Gold prices overcame modest losses to hold up above $300 an ounce, supported by good market fundamentals, analysts said.

Friday afternoon, an ounce of bullion was fixed at $300.35 an ounce, against $301.0 a week earlier.

Traders say the market was well supported by a combination of factors, including strong demand among Japanese investors, low interest rates and safe-haven flows triggered by Middle East violence.

It is a fairly technical market at the moment with technical factors which are providing support on the downside and on the upside, said Barclays Capital analyst Howard Patten.

There still really isn’t a shortage of selling volumes above 300 US dollars, even though prices can attract buying at thipped as weak industrial demand and the prospect of increasing supply weighed on the market.

An ounce of silver dipped to 4.5650 dollars on Friday afternoon from 4.6150 the previous week.

PLATINUM AND PALLADIUM: pricier. Platinum prices rose gently thanks to a weaker yen and supply worries, and palladium followed suit.

Platinum prices had climbed to $534 an ounce from 53om $366 the previous week.

We did see some more interest coming from the Japanese funds... because of the yen weakening against the dollar, said Patten.

Towards the end of the week there had been a very notable move higher because of iuth Africa, Anglo Platinum, he said.

The industrial action is not affecting the mines but the refinery of Anglo Platinum. That’s been price supportive, he added.

But Patten said that the strike, which started on Friday, did not appear to be vunning for several months.

BASE METALS: Base metals prices remained under pressure as high oil prices cast a pall over prospects for a global economic recovery and hence deman d for metals.

The base metals market is very quiet at the moment because of the high rise in crude oil prices, said Stephen Briggs, a metals expert at SG Securities.

Investors feared that this peak will actually delay the global recovery of the economy, he told AFP.

Bad performances of American stock markets put pressure as well on the prices as people feared that the demand from industrial produceall in the ne