Commodity prices mostly rose over the week thanks to strong support won Friday after a European Union summit delivered an unexpected deal aimed at further tackling the eurozone debt crisis.
A surprise agreement to save the euro wrenched after an all-night summit of leaders of the 17 eurozone nations brought immediate relief to crisis-hit Italy and Spain and sent the single currency soaring on Friday.
At the end of often volatile talks stretching almost until dawn, EU President Herman Van Rompuy hailed a "real breakthrough" to calm financial markets and reshape the eurozone to prevent future crises.
"It was a difficult European Council and summit but it was a fruitful one," he said.
OIL: World oil prices surged at the end of a volatile trading week, with crude futures supported by the surprise EU summit deal and strike action by energy sector workers in Norway, traders said.
Prices rocketed more than $4 a barrel on Friday as traders lauded a $150-billion growth pact pushed through by the European Union after Italy and Spain lifted their opposition to it, analysts said.
"The optimistic news from the EU summit spread bullish signs across the oil market as crude oil prices rebounded strongly from recent losses," said Sucden Financial Research analyst Myrto Sokou.
Crude markets were rejoicing after Spain and Italy withdrew their opposition to the deal which enabled it to be passed, said Justin Harper, market strategist for IG Markets Singapore.
Prices were up "primarily because of the summit and this positive news that came out," he told AFP.
"Because the expectations were so low to start with, people really weren't expecting anything to come out of it and we've got some positive development, obviously a lot of money, $150 billion (120 billion euros)," he added.
