POSITIVE economic data released by the US saw commodities rise on international markets last week as faith in the global economic recovery gathered strength.
Crude reached an 18-month high of more than US$87 a barrel Tuesday in London, as Prime Minister Hun Sen ordered oil giant Chevron to commence production from the Kingdom’s offshore fields by 2012 or face losing its contract.
Chevron, the American operator of Cambodia’s Block A concession, announced its first-quarter update Thursday, predicting a rise in quarter-on-quarter earnings in upstream projects internationally, reflecting higher commodity prices. The announcement saw stocks rising 2.37 percent to $79.50 in New York on Friday.
Extraction industries also saw gains internationally this week, as gold prices held strong. Australian mining firm OZ Minerals, which is seeking gold in western Cambodia, saw stock rise by 4.62 percent in Sydney to AU$1.245 (US$1.16) Tuesday. Prices gradually declined to AU$1.22 by the close of trading on Friday.
Southern Gold, which also has interests in the Kingdom, rallied 4.17 percent in Sydney on Friday after a volatile seven days. Its shares closed at AU$0.125 from a week start of AU$0.115.