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Oil and Gas executives say that the price-per-barrel of oil will drop significantly from the current high level by the end of the year, according to the results of a survey conducted by KPMG LLP's Global Energy Institute.

The 13 members of the Organization of Petroleum Exporting Countries (OPEC) pumped an average 31.87 million barrels per day (b/d) of crude oil in April, a 350,000 b/d decrease from March, according to a Platts survey of OPEC and oil industry officials released Friday. The sharp drop was largely the result of steep output losses in Nigeria.

So, has the surge gone out of the urge to push world grain prices, especially wheat, higher? While corn, rice and oil seeds like soybeans remain at near record levels, world wheat prices, perhaps the most accurate barometer of sentiment in global grain and food markets, have plunged 40% from the all time high in February and are now at a six month low.

BP has shut a pipeline that carries 30% to 40% of the oil produced in the UK because of a strike at a refinery in Scotland that supplies power to the system. Gas from dual producing fields will also be stopped by the company because of the stoppage.

Commodity markets were seemingly at cross purposes on Friday: some traders saw good news in the General Electric earnings slump and lowered outlook, others saw the downside as a major global industrial stock signalled its concerns about the US, European and world economic outlook.

The 13 members of the Organization of the Petroleum Exporting Countries (OPEC) pumped an average 32.22 million barrels per day (b/d) of crude oil in March, a 110,000 b/d decrease from February, according to a Platts survey of OPEC and oil industry officials.

Fitch Ratings has said in a Special Report that, despite the spectacular rally they have enjoyed over Q108, commodity prices are unlikely to escape a demand-led slowdown resulting from the anticipated global economic downturn. Nevertheless, prices probably will not fall by as much as in previous economic slowdowns and are likely to remain elevated relative to historical levels, reflecting robust, albeit moderating demand from emerging markets.

World gold markets are bound for a period of uncertainty just at a time when the price seems to be recovering form the sharp sell off of 10 days or so ago.

Investors looking to guard against erosion in their portfolios due to a weakening dollar should look to gold, says James DiGeorgia, editor and publisher of the Gold and Energy Advisor.

In 2006, the sharp rise of gold price largely held down the consumption, especially the gold jewelry. According to the statistics of GFMS, the global gold consumption in 2006 was 3906 tons, down about 5%, of which jewelry consumption amounted to 2280 tons, decreasing nearly 427 tons.