Brent oil prices dive, coffee hits 2-year peak

London

BRENT oil prices tumbled last week to a four-year low on plentiful crude supplies and on demand fears arising from global economic uncertainty. On the upside, the coffee market hit a two-year peak as a "devastating" drought in key producer Brazil slashes supplies, analysts said.

Brent prices dived to a four-year trough on Friday, extending the previousweek's sharp falls as worries intensified over the demand outlook. Brent North Sea oil struck US$88.11 a barrel, the lowest level since December 1, 2010. New York's light sweet crude hit US$83.59 per barrel, last witnessed on July 3, 2012.