The world business witnessed the price of crude oil rise for the third consecutive day on Friday recouping earlier losses. Crude oil for November delivery was up 60 cents, or 0.6 per cent at $94.57 a barrel on the New York Mercantile Exchange. It earlier fell by $1and 16 cents or 1.2 per cent to $92 and 81 cents. But it i not just crude oil which has been weak, other commodity prices have also fallen.
Copper headed for the worst week since 1986 and gold saw its first weekly decline on global growth concerns. Copper has been weak on increasing concern that slower global economic growth may cut demand and fell for a fifth session on Thursday, as the euro fell to a one-year low against the dollar after European Central Bank policymakers considered cutting rates.
Gold, too, is heading for the first weekly decline in three weeks as the dollar rally reduced investor demand for bullion. The dollar rose to a 13-month high against the euro. There are reports that Indian steel companies may cut flat product prices by around Rs 4,000 a tonne due to slow demand.
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