Commodities
Silver falls sharply on fund selling
GOLD eased gently lower last week, ending at $285.8 per ounce on June 23 in London, a decline of 1.5 per cent week-on-week. Silver was, however, a bigger loser during the week, as it suffered fund and technical selling and fell to $4.96/oz, a change of 1 .9 per cent.

Petroleum
Crude oil: Slippery ground
FOR a world troubled by the rising prices of crude oil in the last month and looking to the Organisation of Petroleum Exporting Countries (OPEC) for solace, there was major disappointment in store last week. The OPEC members agreed to raise output by a stingy 0.70 million barrels a day which is a mere three per cent increase over prevailing levels. Expectations were that the OPEC would raise output by at least a million barrels a day given the sudden and steep surge in oi l prices in the last couple of months. The increase in output agreed upon now would translate to about one per cent of the total global consumption of oil.

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