Commodities Slide; Oil Touches Five-Month Low

NEW YORK -- Commodity prices fell Monday as investors worried that the economy will take longer to recover than some investors have been betting.

Oil prices slid to a five-week low after reaching an eight-month high above $73 last week. Light, sweet crude for August delivery on Monday fell $2.68 to settle at $64.05 a barrel on the New York Mercantile Exchange.

Most commodities lost ground as investors pulled money from investments that could get hurt if the economy doesn't rebound as soon as hoped. Commodity prices also fell Thursday after a weaker-than-expected employment report from the government pushed up demand for less risky assets. Markets were closed Friday for Independence Day.

Commodities have rallied since March alongside the stock market as investors grew more upbeat about the chances of an economic recovery. But now investors are questioning whether a sustained improvement in the economy will materialize. That would create more demand for raw materials.

The slide in commodities Monday came as stocks ended mixed but mostly lower on economic worries.

Gold fell $6.70 to settle at $924 an ounce on the New York Mercantile Exchange.

Silver fell 18.1 cents to $13.227 an ounce, while platinum fell $43.60 to $1,143.00 an ounce.

Copper futures fell 4.3 cents to $2.2625 a pound.

In other Nymex trading, gasoline for August delivery slid 5 cents to settle at $1.7404 a gallon. Heating oil fell 7.5 cents to settle at $1.6266.

Natural gas for August delivery shed 12.8 cents to settle at $3.487 per 1,000 cubic feet.

On the Chicago Board of Trade, grain prices also took part in the commodity retreat.

September wheat futures lost 9.75 cents to $5.1925 a bushel. Corn for September delivery fell 11 cents to $3.3475 a bushel.

August soybeans fell 35.5 cents to $11.1850 a bushel.