Commodity Gold and Oil in New York again settled at higher.

Commodity Price Gold

In commodity Gold and oil continued to take advantage of tense North Africa and Middle East situation as both hot commodities settled higher for the weekend here.

Commodity bullion surged above $1430 while the black gold edged past $104 a barrel mark in New York closing.

The commodity Benchmark West Texas Intermediate crude for April delivery gained $2.51 to settle at $104.42 per barrel in New York, the highest level since September 26, 2008.

In commodity market London, Brent crude rose $1.18 to settle at $115.97 per barrel on the ICE Futures exchange.

The commodity Gold for immediate delivery ended at $1427.34 an ounce while on the Comex division of the New York Mercantile Exchange, gold gained $12.20 to $1,428.20 per troy ounce.

The commodity Analysts also attributed positive US unemployment data for the upheaval. US Labor Department said country’s unemployment rate dropped to 8.9 percent in February.

This all was happening due to geo-political tensions that has been influencing both commodity gold and oil from the start of this year, is likely to extend to more areas in the region.  Rebels also attacked the oil port of Ras Lanouf, about 380 miles east of Tripoli.

Due to this the world’s largest oil exporter Saudi Arabia has increased production to make up for the loss of Libyan crude, but a lengthy struggle could put significant pressure on world supplies.

In commodity Nymex trading for April contracts, heating oil added 4 cents to settle at $3.0893 per gallon and gasoline futures gained 2.02 cents to settle at $3.0464 per gallon. Natural gas picked up 3.1 cents to settle at $3.809 per 1,000 cubic feet.