The Russian ruble fell yesterday (Monday) to levels not seen since the 1998 banking crisis, as the nation’s central bank devalued the currency for the sixth time in seven days. The devaluation is seen as a sign of further deterioration in the Russian economy and comes despite government efforts to orchestrate an orderly retreat.

Russian gas deal, Gaza ceasefire ease supply concerns… World oil demand expected to fall in 2009… U.S. holiday leads to low trading volumes…

The base metals were all red-stained on Wednesday. Copper declined from the pre-dawn hours to the noon hour, but recovered a little ground late to finish at $1.4561/lb., down nearly 3 cents.

Oil fell $2 a barrel to below $36 on Wednesday after a U.S. government report showed larger-than-expected rises in inventories of gasoline and distillates.

In the currency market, the dollar pushed higher against the euro. Late Monday, the euro was trading at $1.3373 vs. $1.3452 on Friday.

Dollar firms a touch versus the euro, pressuring gold… Key U.S. jobs data shows payrolls down 524,000 in Dec…  Investec cuts 2009 platinum forecast by 28 percent.

Dollar rises to 3-week high vs euro on stimulus hopes… Oil prices fail to hold gains above $48 a barrel…  Abu Dhabi Dec gold sales fall 40 pct month on month.

MSCI world equity index down 0.2 percent at 224.77…  China cuts rates but gloomy Japan, euro zone data weighs… Dollar weakens; bonds rise

Goldman cuts 2009 oil price forecast… OPEC should make severe output cut, says president… Russia says ready to work with OPEC on output cuts

The European Commission (EC) said yesterday (Monday) that the Eurozone economy has already slipped into a recession and strong and stable economic growth will not return until 2010. The European Central Bank (ECB), originally charged with the task of maintaining price stability, has now found itself with the added responsibility of encouraging growth and will likely cut interest rates later this week.