* Oil jumps 24 percent

* Gold, soybeans up 5 percent, copper 4 percent

* Dollar weakness boosts rally in commodities

NEW YORK, Sept 22 - A historic jump in crude oil supercharged the commodities markets on Monday after last week's shakeout, as the dollar weakened and the shaken U.S. financial sector waited on a government rescue.

U.S. crude oil's expiring October contract soared $16.37 to settle at $120.92, in the biggest ever jump in a trading session. At one point, oil rose a stunning $25.45, or 24.3 percent, to touch a session high of $130 a barrel.

"The key driver continues to be the U.S. rescue package which has changed the sentiment in the oil market," said Bank of Ireland analyst Paul Harris.

Gold and soybeans surged about 5 percent and copper about 4 percent as commodities benefitted from a weak dollar and uncertainties over a proposed $700 billion U.S. government bailout of the financial sector.

The Reuters-Jefferies CRB index, an oil-sensitive global commodities benchmark, neared a three-week high after rising 3.4 percent for its biggest percentage gain in a month.

The weakening dollar, which until two weeks ago had climbed steadily against other major currencies, added fuel to buying in dollar-denominated commodities.

"With the dollar sinking more in one day against the euro since April 2001, it's no surprise that commodities, and more specifically oil, are spiking higher," said Chris Jarvis at Caprock Risk Management in New Hampshire.

Oil had tumbled from record highs over $147 a barrel in mid-July, weighed down by growing evidence that high energy costs and economic woes were undercutting global fuel demand.

Financial-sector turmoil last week sent investors out of commodities, dropping oil to a seven-month low of $90.51 a barrel and pushing almost all commodities, except gold, lower.

But oil made a dramatic recovery, rising almost 7 percent on Friday to cap its biggest three-day rally in a decade after the announcement of sweeping government measures to rescue the U.S. financial system.

Also driving oil's rebound was the slow recovery of the U.S. energy sector from damage suffered from this month's Hurricane Ike, which has caused the biggest disruption since 2006.

U.S. gold futures for December settled up $44.30, or 5.1 percent, at $909.00 an ounce as investors dumped the dollar and took up the precious metal often touted as a safe haven.

Physical gold bullion traded as high as $904.80 an ounce.

"What you're really seeing is a loss of confidence in the dollar," said Tom Hartman, a gold trader at Altavest Worldwide Trading. "These extraordinary moves by the Federal government are really quite overwhelming to a lot of investors. We are seeing a very strong flight to quality."

U.S. copper for December delivery closed up 7.85 cents, or nearly 2.5 percent, at $3.2550 a lb after rising 4 percent to $3.3030.

Agricultural markets from soybeans to corn and wheat rode the coattails of the broad commodities run-up, along with "soft" commodities such as coffee, cocoa, sugar and orange juice.

U.S. soybeans soared more than 5 percent, with the November contract ending up 61-1/2 cents per bushel at $12.05 a bushel.

Wheat for December settled up 19-3/4 cents at $7.37-3/4 a bushel.

December delivery corn closed up 16-1/4 at $5.58-1/2 per bushel.