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Commodities: Oil prices tumble

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Date: Tuesday 01 Apr 2008

LONDON (ShareCast) - Oil prices tumbled Monday, as part of a wider commodity sell-off, including precious metals.

Oil and gold prices have enjoyed solid increases in recent weeks amid fears of inflation however with the first quarter coming to an end and contracts set to expire many of these trades are being unwound.

Oil’s decline also comes amid reports of renewed calm in Iraq following two recent attacks on oil pipelines.

Supply concerns were soothed as oil started to pump through the Zubair-1 pipeline in Basra, which sends oil to the country’s two exporting terminals.

Crude for May delivery fell $4.04 to $101.58 on the New York Mercantile Exchange.

Elsewhere among precious metals gold for April delivery fell $14.40 to $916.20 on Monday. However over the first quarter the precious metal still increased by $86.60.

Silver for May delivery slipped 63 cents to $17.31 while platinum dropped $5.40 to $2,043.40. May copper futures fell 0.15 cents to $3.83 a pound.