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Commodity prices retreat after oil hits record high

AFP, London
World commodity markets mostly fell this week on easing concerns over tight supplies, a strengthening dollar and hopes that the worst of the global credit crisis was over, analysts said.
Oil futures slumped after reaching a record high of 119.93 dollars per barrel on Monday.
or maize prices also scored another historic peak because of poor weather conditions in । major exporter the United States.
I—However, demand dampened for most dollar-denominated raw materials as Resurgent US currency made them more expensive for foreign buyers.
"After a surge in commodities and commodity assets to records ... the market will look to rotate out of diese sectors ' i^o those that have been beaten down and seem better value, including financials and consumer sectors," said ABN
Amro analyst Greg Anderson.
Ue added that investors were moving away from investing in commodities "now that the worst of (he credit crisis appears past."
OIL The price of oil tumbled after striking an all-time high of nearly 120 dollars per barrel on Monday amid industry strikes in Scotland and Nigeria.
By Thursday, prices had slipped to 111 dollars after a strike ended in key crude pro ducer Nigeria and as the US currency continued to strengthen.
The dollar fell to a record low of 1.6019 to the euro on April 22 but has since recovered. The euro changed hands at about 1.54 dollars on Friday.
Oil prices began falling sharply on Tuesday as a strike ended at the Grangemouth refinery in Scotland. The stoppage had closed a pipeline that supplies 40 percent of Britain's oil and gas.
Prices continued to weaken on Wednesday after the US Department of Energy said that
US crude reserves had risen sharply last week.
They recovered towards the end of the week in reaction to news officially announced Friday that Turkish planes bombed Kurdish rebel hide outs in oil-rich Iraq late on Thursday.
The recent record run in oil prices has sparked widespread international concern among consumer nations.
By Friday, New York's main oil futures contract, light sweet crude for delivery in June, plunged to 113.82 dollars per barrel from 117.74 dollars a week earlier.
Brent North Sea crude for June dived to 112.11 dollars per barrel from 115.91 dollars.
GOLD AND SILVER: Prices of gold and silver also slid on the weak greenback.
On the London Bullion Market, gold dropped to 853.50 dollars per ounce at Friday's late fixing from 891.50 dollars a week earlier.
Silver sank to 16.19 dollars per ounce from 16.68 dollars.
SUGAR: Sugar prices fell on profit-taking.
By Friday on LIFFE, the price per tonne of white sugar for August delivery fell to 327 pounds from 346 pounds the previous week.
n NYBOT, the price of unrefined sugar for July delivery slipped to 11.37 US cents per pound from 12.29 cents.
GRAINS AND SOYA: Prices sank, with the exception of maize, which scored a historic peak because of poor weather in key producer the United States.
Maize, or corn, hit an all-time pinnacle of 6.205 dollars a bushel onTUesday.
By Friday on the Chicago Board of Trade, maize for July delivery rallied to 6.13 dollars per bushel from 5.77 dollars a week earlier.
July-dated soyabean meal — used in animal feed — fell to 12.72 dollars from 13.37 dollars.
Wheat for July delivery dropped to 8.01 dollars per bushel from 8.15 dollars.