Commodities: Crude falls 3% on fears of pandemic

Concern about the deadly swine flu weighed on oil prices and triggered a wave of last minute selling on Wall Street Monday. The World Health Organization called the flu, which is a respiratory disease affecting pigs, a « public health emergency of international concern. » The flu has killed 103 people in Mexico.

US light crude oil for June delivery fell $1.41 to settle at $50.14 a barrel on the New York Mercantile Exchange. Earlier in the session the contract tumbled to a low of $48.01 a barrel on fears the economic recovery could be held back by the flu.

The stronger dollar also weighed on crude as investors sought safe haven investments.COMEX gold for June delivery fell $5.90 to settle at $908.20 an ounce as investors turned to the greenback instead.

Industrial metals such as copper fell over 3% on Monday on concern that the spread of swine flu will dampen economic recovery.

Copper for July delivery lost 6.45 cents to $1.9855 a pound on the New York Mercantile Exchange’s Comex division.

Source : ShareCast