Commodity prices plunge grim economic snapshot

AP News
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Posted: Oct 23, 2012 3:27 PM
Commodity prices plunge grim economic snapshot

Oil, gold and industrial metals prices are plunging after a wave of major U.S. corporations offered a grim snapshot of the economy.

Benchmark crude dropped 2 percent Tuesday to $86.67 per barrel, a three-month low. Gold and several industrial metals ended at the lowest prices since early September.

Several major U.S. companies reported third-quarter results that missed analyst expectations. They also cut their expectations for the rest of the year, blaming the sluggish global economy.

There has also been little progress in finding a solution for Europe's debt crisis.

Slower economic growth cuts into demand for a wide swath of commodities, from oil and industrial metals to grains and beans.

Prices for wheat, corn, cotton and wholesale gasoline are lower. Natural gas and soybeans are higher.