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Commodities: Crude tumbles on economic slowdown fears

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Date: Tuesday 07 Oct 2008

LONDON (ShareCast) - Crude futures tumbled below $90 a barrel on concerns that demand for oil could wane due to the slowdown in the international economy.

Stock markets around the globe slumped on Monday, exacerbated by worries over financial stocks. The deepening crises have raised fears of a severe economic slowdown and possibly even a recession in some developed countries.

New York's light sweet crude for November plunged $6.07 to close at $87.81 a barrel, around 40% lower than the record highs of above $147 seen in July.

Gold, on the other hand, posted gains as the slide in equities boosted the appeal of gold as a haven from risk. But gains were limited by the strong dollar and the falling oil price.

Gold for December delivery closed down $11.10 at $833.20 an ounce on the Comex division of the New York Mercantile Exchange.

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