By Millie Munshi Oct. 15 (Bloomberg) -- Tumbling prices for energy, metals and grains led commodities lower as the prospect of a global recession dimmed the outlook for raw-material demand. Crude oil, down as much as 4.8 percent, dipped below $75 a barrel for the first time in more than a year. Copper fell more than 6 percent, and cotton approached the lowest price since May 2007. The Reuters/Jefferies CRB Index of 19 commodities fell 2.3 percent to 289.46 at 11:24 a.m. in New York. Federal Reserve Bank of San Francisco President Janet Yellen said yesterday the U.S. is in a recession, and the government today reported retail sales in September dropped by the most in three years. The CRB index is down 39 percent since reaching a record in May as falling equities, tighter lending conditions and slowdowns in manufacturing and construction signaled a drop in demand. ``The debate over whether or not the world will be in a recession is over -- we're clearly in a recession,'' said Michael Pento, who helps oversee $1.5 billion at Delta Global Advisors in Holmdel, New Jersey. ``This is going to mean much, much lower prices for the cyclical commodities.'' Commodity shipping rates also plunged to the lowest in more than five years today as a lack of trade finance left cargoes stranded and the global economic slowdown reduced consumption. To contact the reporter on this story: Millie Munshi in New York at mmunshi@bloomberg.net

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