Commodities: Oil rises to three week high

LONDON (ShareCast) - Crude oil futures soared to their highest level in three weeks after gaining for a third consecutive session, with hopes of a rising demand for oil lifted by a decline in US jobless claims and the agreement reached by Greek leaders over austerity measures. Crude for March delivery climbed 1.1%, equivalent to $1.13 to settle at $99.84 a barrel on the New York Mercantile Exchange. The commodity has risen 3% over the past three days. Natural Gas also got a boost, with the March contract gaining 1.18% to finish at $2.48 per million British thermal units on news that Chesapeake Energy (NYSE: CHK - news) has reduced its daily gas production in the US by just over 500m cubic feet equivalent, as set out in a report issued in December. Heating oil was also on the up, rising 0.6% to $3.21 per gallon while unleaded gas rose 1.26% to $3.01 per gallon. In metals, gold was given a leg up by the euro's rise against the dollar, with the futures contract for April gaining 0.57%, or $9.90 to end the day at $1,741.20 per troy ounce. Silver and copper were also heading north, with the former up 0.63% to $33.92 per troy ounce and the latter gaining 1.76% to settle at $3.98 per pound. Meanwhile platinum dropped, losing 0.03% to end at $1,667.60 per troy ounce. NR