March 21, 2008, 07:30
Oil prices extended a week-long slide on Thursday, briefly tumbling below $100 a barrel for the first time in two weeks amid growing concerns an economic slowdown in top consumer the United States would cut global energy demand.
US crude settled down 70 cents to $101.84 a barrel after falling as low as $98.65 earlier in the session, the first time below $100 since March 5. London Brent fell 34 cents to $100.38 a barrel.
US oil prices have been in steady retreat since hitting a record $111.80 a barrel on Monday as signs of an economic slowdown mount, raising the possibility of a sharp slowdown in world demand for commodities.
Gold dropped more than 4 percent to a one-month low earlier, while platinum slid more than 5 percent to $1,820 an ounce, the lowest level since early February, as funds cashed in.
Oil and other commodities have struck a series of record highs since the beginning of the year as investors fled stock markets and took refuge in dollar-denominated assets. - Reuters
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