Commodities Tumble, Led By Oil, as Japan Quake Threatens Demand
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Commodities fell for a fourth day, led by a 3.3 percent slide in crude oil, as Japan’s biggest earthquake and nuclear crisis spurred concern that demand for raw materials, including some energy products, will shrink.
The Standard & Poor’s GSCI spot index of 24 commodities dropped 2.4 percent, capping the longest losing streak since Aug. 24, to 683.12 at 10:57 a.m. in London as crude futures in New York slid below $100 a barrel and U.S. gasoline lost as much as 4.2 percent. Gold, copper and corn also declined.