Oil prices have surged to their highest in 2.5 years on concerns about supply and a weaker US dollar.
Brent crude rose $US1.82 to $US124.49 per barrel while US crude was up $US1.29 at $US111.59 after attacks on Libyan oil fields.
Other commodity prices were also boosted by a fall in the US currency in recent weeks.
Gold rose to a new record of more $US1472.96 per ounce, while silver was $US40.28 per ounce, its highest since 1980.
The European Central Bank on Thursday raised rates by 25 basis points to 1.25%.
Higher rates are used to combat inflation, which is being driven by rising commodity prices.
Corn futures in the United States rose 1%.
Copper rose about 2% to its highest in a month
