US crude oil price faded below the key $70-a-barrel mark this week and gold slid as investors cut positions ahead of the year-end.
The International Energy Agency described US demand as “persistently sluggish” with growth of just 0.7 per cent expected next year. It highlighted this as a key risk to its forecast for an improvement in global oil consumption growth in 2010.
All of the stipulate growth will be generated by non-OECD countries, which will account for 51 per cent of global consumption by 2014.
Gold fell 1.6 per cent to $1,114 a troy ounce, down 4.1 per cent over the week, Base metals were boosted on Friday by strong Chinese output and trade data for November.Aluminium hit the highest levels of the year at $2,280 a tonne, up 6.1 per cent this week. Copper fell 2.7 per cent to $6,850 a tonne over the week.
Cocoa prices hit 25-year highs on supply concerns with Liffe May cocoa up 1.7 per cent to £2,285 a tonne over the week.
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