UPDATE 1-COMMODITIES-Oil rallies, lifting gold and copper

(Recasts with higher close in energy and metals, new
throughout)

By Barani Krishnan

NEW YORK, April 25 (Reuters) - Supply threats and global
tensions took crude oil futures up 2 percent on Friday, helping
industrial and precious metals markets rise as well.

But prices of agricultural futures and other food
commodities mostly fell as a resurgent dollar gave players
opportunity to take profit on recent gains.

Copper, the leading industrial metal, rebounded from
three-week lows after higher crude prices buoyed the market
along with worries about supplies from Chile, where strikes
have hit copper production.

Top precious metal gold also rebounded from three-week lows
but ended only a tad higher as a sharp drop in a gold-backed
exchange-traded fund put a damper on bullion's initial rally.

On the agricultural side, wheat and soybean futures ended
down and corn mixed [GRA/]. Food-based soft commodities such as
cocoa [COC/N] and sugar [SUG/N] also fell.

The Reuters-Jefferies CRB index .CRB of 19 commodity
futures rose 0.7 percent on the day, mainly on the strength of
oil. The index had lost 1.7 percent on Thursday.

U.S. crude oil futures CLc1 settled $2.46 higher at
$118.52 a barrel on Friday. It hit a session peak of $119.55,
near Tuesday's all-time time of $119.90 on supply disruptions
in Nigeria and the North Sea and fresh tensions between the
United States and Iran. [O/R]

London Brent crude LCOc1 gained $2 to settle at $116.34 a
barrel, after hitting a record $117.56 earlier.

"You have everything coming together and that's lifting us
off again," Tom Bentz, analyst at BNP Paribas Commodity Futures
in New York, said, referring to factors surrounding oil.

In copper, the most-active futures contract for May HGK8
on the New York Mercantile Exchange's COMEX division settled up
4.05 cents, or 1.05 percent higher, at $3.9155 a lb. [MET/L]

Copper for three-months delivery on the London Metal
Exchange MCU3 closed up $50 at $8,575 a tonne.

Analysts said copper prices were initially hurt by the
dollar, which hit three-week highs against the euro [USD/]. A
stronger dollar makes commodities denominated in the U.S.
currency costlier for those holding foreign exchange.

Copper rebounded, however, after the surge in oil prices.

Signs that a strike at Chile's Codelco, the world's top
copper producing firm, was dragging on bolstered the market
too, along with data showing physical inventories of copper at
LME warehouses at below three days' of global consumption.

On the precious metals side, COMEX gold futures for June
GCM8 ended New York trade up 30 cents at $889.70 an ounce.
[GOL/]

Traders said the outlook for gold dimmed after the bullion
held by New York-listed StreetTRACKS Gold Shares GLD.P
XAUEXT-NYS-TT, the world's largest gold-backed ETF, fell
about 50 tonnes in the last two sessions to 591 tonnes -- a
level last seen in November.

"Gold is likely to have already reached the year's high and
to come under pressure particularly in H2," brokerage Dresdner
Kleinwort said in a report.

"We thus recommend not only closing long positions in gold,
but also selling gold short," it said.
(Editing by Marguerita Choy)