Crude oil prices dived this week on fresh concerns about the pace of US economic recovery, while gold slid back under US$1,000 per ounce on profit-taking.
“It looks like there is a flood of money out of commodities,” said Ellis Eckland, an independent oil trader. “Investors want to get to the exit as soon as possible; they feel that the real economy is weak.”
Elsewhere, traders eyed the G20 nations’ two-day summit in Pittsburgh, Pennsylvania, that began on Thursday.
OIL: Crude oil prices slumped on evidence of weak energy demand in the US.
The market had shed more than US$3 on Thursday as mixed US economic data and signs of sluggish oil demand highlighted fears about a tepid recovery from the global recession.
By Friday on the London InterContinental Exchange (ICE), Brent North Sea crude for delivery in November sank to US$65.38 a barrel from US$71.25 a week earlier.
On the New York Mercantile Exchange (NYMEX), light sweet crude for November slid to US$66.62 from US$72.07 for the now-expired October contract a week earlier.
PRECIOUS METALS: Gold prices retreated as traders cashed in gains from last week’s strong rally which saw the precious metal climb within a whisker of a record high.
Gold sank as low as US$985.28 per ounce on Friday, which was the lowest point for more than two weeks. By late Friday on the London Bullion Market, gold fell to US$991.50 an ounce from US$1,012 a week earlier.
Silver slid to US$16.20 an ounce from US$17.11.
On the London Platinum and Palladium Market, platinum eased to US$1,330 an ounce at the late fixing on Friday from US$1,337.
BASE METALS: Base metals prices mostly fell amid concerns about Chinese demand tailing off.
By Friday on the London Metal Exchange, copper for delivery in three months sank to US$5,928 a tonne from US$6,220 a week earlier. Three-month aluminum fell to US$1,832 a tonne from US$1,929.
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