Dhaka, Bangladesh (BBN) – Crude oil prices for August delivery fell to a eight-week low on the New York Mercantile Exchange on concerns that global recession will stagnate demand for fuel.

Crude futures fell below US$ 60 level on Monday capping its biggest weekly decline since January.

However, crude prices pared some losses towards the end of the week as equities advanced and a government report showed a bigger-than-forecast drop in oil supplies in the US.

Crude Palm Oil for August delivery increased to $ 637.50 per metric ton marking an increase of 4.5 percent over last week.

Gold futures rose to a two month high of $ 937 an ounce, as the US Dollar slumped and oil prices rose. Silver prices advanced to $ 13.28 per ounce. Copper for October delivery climbed to 5,181.25 per ton on economic recovery expectations.

BBN/SS/SI/AD-17July09-8:23pm (BST)