* Commodity markets still focused on dollar after G20 accord
* Dollar hits 15-year low vs yen
* Coming Up: Bernanke speech 1230 GMT
(Updates prices, adds link to graphic)
By Alex Lawler
LONDON, Oct 25 (Reuters) - Oil jumped by a dollar towards
$83 a barrel on Monday, gaining for a second session as the U.S.
currency weakened after a Group of 20 meeting.
The dollar dropped, hitting a 15-year low against the yen,
as the G20 agreement to shun competitive currency devaluations
was taken as a go-ahead to resume dollar selling by investors.
U.S. crude <CLc1> for December climbed $1.16 to $82.85 a
barrel at 0940 GMT, less than $2 from a five-month high of
$84.43 reached on Oct. 7. ICE Brent <LCOc1> added $1.02 to
$83.98.
"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 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.
Investors are waiting for a speech by U.S. Federal Reserve
Chairman Ben Bernanke at 1230 GMT.
Oil has also been supported by strikes in France over
pension and port reforms, which have reduced fuel supplies.
Workers at seven out of 12 French refineries voted to
continue striking on Monday, unions said, while the remaining
five are due to vote later in the day on whether to pursue
strike action. []
<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Map of fuel shortages in France:
http://link.reuters.com/hut69p
Map showing refineries supplied from Fos-Lavera:
http://r.reuters.com/zar46p
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>
Oil traders were keeping an eye on the potential for weather
disruption to supplies in the Gulf of Mexico.
Hurricane Richard struck the tiny Central American nation of
Belize on Sunday. It was expected to weaken to a tropical
depression and eventually pass through Mexico's main
oil-producing region in the Bay of Campeche.
Mexico's state oil company, Pemex, said it was watching the
storm but had not evacuated any workers from its offshore
platforms. []
(Additional reporting by Alejandro Barbajosa in Singapore;
Editing by Jane Baird)
