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Prices slump amid US housing woes

(LONDON) Global commodity prices slumped last week as speculators rushed to bank profits amid concern that demand for oil and metals will slide should the world economy dampen due to the US housing crisis.

Oil: World oil prices dived, with a barrel of Brent below US$69 for the first time since June, on concern that energy demand may weaken amid the US sub-prime crisis. By Friday, Brent North Sea crude for September delivery plunged to US$69.70 a barrel on Friday, compared with US$75.57 a barrel a week earlier.

New York’s main oil futures contract, light sweet crude for delivery in September, plummeted to US $70.68 a barrel, from US$76.67 a barrel.

Gold: Gold prices dipped as the dollar rose. On the London Bullion Market, gold fell to US$668.50 an ounce at Friday’s late fixing, from US$670.50 a week earlier.

 

Source: Business Times 13 Aug 07

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