Oil, gold and copper fell yesterday, as the US Government's $306 billion (Dh1.13trn) rescue plan for Citigroup failed to banish investors' gloom.
Crude oil reversed gains to fall by more than two per cent, gold slipped 1.2 per cent and copper fell more than two per cent, although wheat and soybeans rose around one per cent.
The US Government agreed on Sunday to invest $27bn in Citigroup, the US's second-largest bank in terms assets, the latest in a series of global measures to pull banks back from the brink.
But after several previous false dawns for the stricken global financial sector, analysts were cautious about the possibility of a sustained rebound.
"This is positive, but the market is still high risk. This might be a catalyst to encourage people to buy on dips. The market may be starting to look at prices bottoming out," ANZ senior commodities analyst Mark Pervan said.
Oil fell 1.5 per cent to $49.20 a barrel by 0849 GMT, having given up previous gains of 1.3 per cent made on hopes that producer group Opec might cut output again as early as this week to shore up prices that have tumbled to a three-year low.
