Trading was dominated during the week by surging oil prices, which touched a record high on Thursday of $146.69 a barrel in London. The rise in energy prices, however, masked losses in base metals and some agricultural commodities.

The week closed with BHP Billiton, the Australian miner, settling a record iron ore price increase for its annual contracts with Chinese steelmakers. BHP Billiton’s price rises were in line with a previous hike by Rio Tinto of 80-97 per cent.