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Commodities: Crude prices slump

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Date: Wednesday 16 Jul 2008

LONDON (ShareCast) - Crude prices slid by the biggest amount in 17 years on concerns that a slowing US economy will dampen demand.

Fed chairman Ben Bernanke said that inflation and high fuel prices will reduce US demand for oil and destabilise the economy. Light crude slumped $6.44 to $138.74 a barrel.

Also helping the drop was the Organization of the Petroleum Exporting Countries lowering its forecast for world oil-demand growth for 2008 and 2009.

Gold rose despite crude prices falling as the precious metal remained underpinned by the weak dollar.

Worries about the economy and lower equities also prompted safe-haven buying. Gold rose $5 to $978.70 an ounce.

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