LONDON, Jan 9: Oil tanked this week to 12-year lows in exceptionally volatile trade, punished by Chinese demand concerns and a vast supply glut, but gold shone on its safe haven status.
China's economic slowdown also sent global stock markets tumbling on concern over the health of the world's second biggest economy, which is also a major consumer of many raw materials.
In tumultuous trade on Thursday, the market collapsed as China's markets turmoil also put fright into investors about the outlook for the world economy.
New York's West Texas Intermediate (WTI) oil collapsed to $32.10 a barrel, a level last seen in December 2003.
And Europe's benchmark oil contract, Brent North Sea crude, sank to $32.16, its lowest point since April 2004.    ?AFP