Crude oil price remains under pressure after plunging to as low as 36.14 and then settling at 37.38 Wednesday. Data released in the US yesterday fuelled investors' worries on demand outlook.

The petroleum report released by the Energy Department indicated crude oil stockpiles have surged by 1.14 mmb to 326.6 mmb, the highest since Aug 07. Moreover, fuel demand dropped 6%, the biggest weekly decline in 5 years.

The Fed Beige Book also showed that the economic condition is terrible and credit conditions remains tight. The Fed will need to implement further measures to stimulate business and household activities.

Stock markets tumbled. Dow Jones Industrial Average dropped 2.94% to close at 8200 while S&P 500 lost 3.4% to settle at 843. In Europe, UK's FTSE 100 plunged 5% while Germany's DAX slid 4.6%. Today in Asia, shares decline following the US and European markets overnight and Japan's weak machinery orders. The MSCI Asia Pacific Index lost 3.8% while Japan's 225 Stcok Average dropped 4.7%.

Precious metal such as gold and platinum also declined on the dollar's strength. After losing $10/oz yesterday, gold price trades softly at 810/811 Thursday while platinum drops to 2 week low at 913. Instead of losing ground, the dollar gained after release of weaker-than-expected retail sales as investors shed to safe-haven currency instead of alternative assets. In light of economic deterioration, investors tend to spend less on discretionary items which reduces demand for jewelry - affecting physical demands for gold and platinum.