The price of oil tumbled by nearly $10 a barrel today – dragging silver, gold, copper, lead and tin with it – as mounting concerns about the US economy fuelled speculation that the commodities boom may be ending.
As traders questioned whether the £36bn flotation of commodity trading giant Glencore marked the top of the market, most of the world's key resources suffered another day of substantial declines.
Brent crude fell by $9.99 to $111.24 a barrel – last week it was $126 –as investors fretted that a surge in US unemployment claims showed that the high oil price has damaged the economy and will lead to a decline in demand for energy.
Oil inventories rose by 3.4m barrels last week, well above the expected 2m increase in part because Americans have cut down on their driving as petrol prices have risen to more than $4 a gallon.
More: Oil plunge hints at end of commodities boom | Business | The Guardian
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About time - £1.50 per liter of diesel!
As traders questioned whether the £36bn flotation of commodity trading giant Glencore marked the top of the market, most of the world's key resources suffered another day of substantial declines.
Brent crude fell by $9.99 to $111.24 a barrel – last week it was $126 –as investors fretted that a surge in US unemployment claims showed that the high oil price has damaged the economy and will lead to a decline in demand for energy.
Oil inventories rose by 3.4m barrels last week, well above the expected 2m increase in part because Americans have cut down on their driving as petrol prices have risen to more than $4 a gallon.
More: Oil plunge hints at end of commodities boom | Business | The Guardian
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About time - £1.50 per liter of diesel!
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