Oil price soars, gold climbs while tin slumps

London

STAR commodity performer oil surged in value last week on hopes that easing US shale output could help curb the stubborn global supply glut, analysts said.

"Oil prices rose sharply in the past week, supported by further evidence that US production and crude stocks are close to peaking - if they have not done so already," said Julian Jessop, head of commodities research at consultancy Capital Economics.

"The recent stability of the US dollar has also helped sentiment towards commodities more generally." Oil prices have fallen as much as 50 per cent since mid-2014 on the back of copious global supplies and weak demand.

Crude futures rallied on signs that US shale oil production - a key driver of the stubborn su…