Oil prices slid more than 2 per cent as asset classes fell across the board in the Asian morning, pushing a broad index of commodity prices to its lowest level this century and heightening global disinflationary fears.
The Bloomberg Commodity Index, a 22 member gauge covering everything from egg futures to natural gas, fell 1.2 per cent to $86.79, its lowest since 1999. Even the price of gold was down 0.4 per cent, as investors sold quality assets to raise much-needed cash to meet margin calls.
The commodities index is now down 40 per cent over three years, including a drop of nearly 17 per cent this year.
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