| From smh.com.au: Oil prices tumbled more than $US2 a barrel on Tuesday, finishing at their lowest level in seven weeks as a stronger dollar and beliefs that record prices are eroding the world's thirst for energy sparked another dramatic sell-off.
The drop - which surpassed $US4 a barrel at one point during the day - was a throwback to oil's nosedive over the past two weeks and outweighed supply concerns touched off by a militant attack Monday on two Nigerian crude pipelines. It was oil's seventh decline in the past 10 sessions.
It coincided with a broad fall in commodity prices as a stronger dollar and the sell-off in crude oil dragged down other commodities from gold, silver, copper, soybeans and wheat. Corn futures traded higher......Full Article Source |