Commodity prices mostly sank this week, with oil plunging around 10 percent, as trade was rocked by a stronger US dollar, sliding stock markets and the eurozone debt crisis that was centered on Greece.
OIL: The price of oil slumped this week as the European single currency tumbled on contagion fears about Greece.
Crude oil slumped between late Monday and Thursday as the US dollar struck 14-month highs against the euro on worries about the stability of the eurozone.
By late on Friday on the New York Mercantile Exchange, Texas light, sweet crude for delivery in June plunged to US$75.81 from US$85.62 a week earlier.
On London’s Intercontinental Exchange, Brent North Sea crude for June delivery dived to US$78.55 compared with US$87.03.
PRECIOUS METALS: Gold prices stretched to the highest level this year at US$1,210.70 per ounce on Thursday as investors sought a safe-haven investment amid the eurozone debt crisis.
That was not far from the record high of US$1,226.56 that was struck on Dec. 3 last year.
By late on Friday on the London Bullion Market, gold climbed to US$1,202.50 an ounce from US$1,179.25 the previous week.
Silver slid to US$17.70 an ounce from US$18.62.
On the London Platinum and Palladium Market, platinum fell to US$1,651 an ounce from US$1,738.
Palladium dipped to US$505 an ounce from US$552.
BASE METALS: Base metals prices slumped.
By Friday on the London Metal Exchange, copper for delivery in three months fell to US$6,891 a tonne from US$7,399 a week earlier.
Three-month aluminum dropped to US$2,090 a tonne from US$2,207.
Three-month lead slid to US$1,999 a tonne from US$2,205.
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