26/08/2008 04:59. On Friday, crude oil prices fell more than 5.4 percent in "the biggest one-day slide since 2004 as dealers turned their focus to rising supply levels and weakening global demand," Reuters reports. The price of oil ended the week with a 0.6 percent gain after rising about 6 percent between Monday and Thursday. Other commodities, including wheat, soybeans and corn, all rose last week, as did gold.

Oil prices rallied nearly 5 percent on Thursday alone, as global supply concerns flared due to rising tensions between Russia and Western countries, particularly the United States, since Russia's military intervention in Georgia earlier this month.

"In some ways, the markets are accomplishing for the West what diplomacy can't," according to MarketWatch . "[Last week] data showed that since it... // ThomasNet Industrial News Room

Total: 7 news articles
First News Article: Detroit Free Press, 22/08/2008 03:02