Commodities: Crude slides to three-month lows

24.01.2008

Crude oil futures tumbled to its lowest point in three months as fears about the economy persisted.

Investors fear that growth concerns, especially in the US, would hit demand for oil. Crude for March delivery slipped $2.22 to $86.99 a barrel.

Oil traders will be waiting for the US crude inventories data out Thursday, a day later than usual due to the holiday on Monday. Analysts expect crude stocks last week increased by 2.3m barrels.

Gold prices moved lower with the contract for February delivery falling $7.20 to $883.10 an ounce.

In industry news, BHP Billiton said in the first half it set production records for alumina, copper concentrate, iron ore, manganese ore and alloy, while aluminium was flat at record levels.

Free Daily Email sign up

Sign up here

Money Morning is the FREE daily email from MoneyWeek – a punchy round-up of the latest investment news and profit opportunities. DON’T MISS IT!