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The Guardian - UK
The Guardian - UK
Business
Tom Bawden

Commodities continue descent on global growth fears

Commodities continued their descent today as mounting fears about the outlook for the global economy dented investors' enthusiasm for energy and raw materials.

Oil tumbled another $1.93, or 1.8%, to $105.06 a barrel, bringing this week's decline to 6.1%, before recovering a little to $106.05.

After a day in which commodities tumbled more or less across the board, tin fell by 2.9%, aluminium by 2.6%, lead by 1.0% and nickel by 0.3%.

Gold was a rare exception among commodities, surging by 2.8% at one point, to a fresh record of $1,878.15 an ounce, as investors sought safe havens for their assets.

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