* Commodity markets still focused on dollar after G20 accord
* Dollar hits 15-year low vs yen
* U.S. existing home sales rise more than expected
* Coming Up: U.S. API oil data on Tuesday, 4:30 p.m. EDT
(Updates prices, adds details, quote)
By Alex Lawler
LONDON, Oct 25 (Reuters) - Oil jumped by more than a dollar
to around $83 a barrel on Monday, gaining for a second session
as the U.S. currency weakened after a Group of 20 meeting and
strikes in France disrupted oil supplies.
The dollar dropped, hitting a 15-year low against the yen,
as the G20 agreement to shun competitive currency devaluations
was taken by investors as a go-ahead to resume dollar selling.
U.S. crude <CLc1> for December climbed $1.36 to $83.05 a
barrel at 1404 GMT, within sight of a five-month high of $84.43
reached on Oct. 7. ICE Brent <LCOc1> added 98 cents to $83.94.
"People are still selling dollars after the G20 meeting and
that is putting upside pressure on commodities," said Michelle
Kwek, an analyst at Informa Global Markets in Singapore.
Among other commodities, gold rose more than 1 percent,
palladium hit its highest in nearly a decade and copper reached
a 27-month high in London.
Analysts said the G20 outcome suggested a return to the
pre-existing status quo in currency markets, with the dollar
staying under pressure due to expectations the Federal Reserve
would unveil a second round of quantitative easing as early as
November.
U.S. equities rose on Monday, supported by data showing
sales of previously owned U.S. homes rose more than expected in
September.
Oil has also been supported by strikes in France over
pension and port reforms, which have reduced fuel supplies.
Workers at seven out of France's 12 refineries voted to
continue striking on Monday, but two of the other five plants
could vote to end their action, union officials said.
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Map of fuel shortages in France:
http://link.reuters.com/hut69p
Map showing refineries supplied from Fos-Lavera:
http://r.reuters.com/zar46p
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Oil traders were keeping an eye on the potential for weather
disruption to supplies in the Gulf of Mexico. The threat eased
after Hurricane Richard was downgraded to a tropical storm.
Some analysts predict oil could make further gains. JP
Morgan, in a report, said Brent will spike above $90 before the
end of 2010, due to factors including the weak dollar and a
tighter oil supply and demand balance.
"Viewed in the context of percentage price shifts between
oil and the dollar, oil prices may have gotten ahead of
themselves, however, in coming weeks the writing is on the
wall," JP Morgan said in the report.
"The U.S. needs a loose monetary policy and the Fed has said
it will deliver."
(Additional reporting by Alejandro Barbajosa in Singapore;
editing by Keiron Henderson)
