NEW YORK (Commodity Online) : Global oil prices recorded their highest in 30 months Friday while gold dipped to the most in two weeks in a mixed close for the week.

Light sweet crude for May delivery, main contract at the Nymex recorded $108.23 during the day, its highest since September 2008. It rose $1.22 to settle at $107.94 a barrel.

In London, Brent crude for May rose $1.34 to settle at $118.70 a barrel, the highest close since August 2008 and up $3.11 for the week. It hit a May contract peak of $119 in post-settlement trading. Brent was up $3.11 for the week.

Brent crude Brent’s front-month 2-1/2-year high of $119.79 was struck on Feb. 24. Brent has bounced back after falling below $108 in the aftermath of Japan’s March 11 earthquake and tsunami.

Meanwhile gold prices dropped the most in two weeks on speculation that the Federal Reserve will tighten US monetary policy, curbing demand for the precious metals as alternative investments.

Gold futures for June delivery dropped $11, or 0.8 per cent, to settle at $1428.90 an ounce at 1.45pm on the Comex in New York, the biggest drop since March 15.

Silver futures for May delivery fell 15.6 US cents, or 0.4 per cent, to $US37.732 an ounce. The price has more than doubled in the past 12 months.

Analysts also attributed gold’s decline to US jobs report. US employers added more jobs than forecast in March and the unemployment rate unexpectedly declined to a two-year low, a government report showed today.

They said the black gold on the other hand continued to get support from geo-political tensions in the Middle East and North Africa and also from Japan crisis.

In Libya, forces loyal to Gadhafi regained ground against rebels and advancing towards major oil town of Ras Lanuf.

Some analysts also attributed positive manufacturing growth from China, accelerated for the first time in four months, for oil’s gain.

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