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Monday, July 21, 2008

Oil prices drag down most commodities

by AFP (21 July)


(LONDON) Oil prices slumped last week as traders worried the slowing US economy would dampen demand from the world's biggest energy consumer, sparking losses across other key commodity markets.

Oil: Crude futures plummeted further from record high points above US$147 per barrel that were struck exactly one week ago. By Friday, Brent North Sea crude for September delivery dived to US$132.30, sharply down from US$144.15 a week earlier. New York's main oil futures contract, light sweet crude for August plummeted to US$131.15 from US$146.55.

Coffee: Coffee prices dipped after the sharp drop in oil. By Friday on Liffe, Robusta for September delivery fell to US$2,373 per tonne from US$2,361 a week earlier. On the NYBOT, Arabica for September delivery slid to 137.50 US cents per pound from 142.62 cents.
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