Oil, gold prices dive on demand fears

AFP, March, 2008

LONDON (AFP) — Crude oil and gold prices plunged from recent record heights on Wednesday, as markets were rattled by concerns that ongoing global economic turmoil would dent demand for commodities, analysts said.

New York's main oil contract, light sweet crude for delivery in April, plummeted 4.22 dollars to 105.20 dollars per barrel. The contract, which had hit a record peak of 111.80 dollars on Monday, expires at the close.

Brent North Sea crude for May sank 4.27 dollars to 101.29 dollars. It struck an all-time peak of 107.97 on Monday.

And on the London Bullion Market, the price of gold tumbled as low as 941.48 dollars per ounce. The precious metal had forged an historic pinnacle of 1,0037.70 dollars on Monday.

Earlier this week, commodity prices...