Commodities including oil and copper are at risk of steep declines as recent advances aren’t fully grounded in improved fundamentals, according to Barclays, which yesterday warned that prices may tumble as investors rush for the exits.

UK industry breathed a sigh of relief today after oil prices recorded their heaviest fall in a single session since 2001.

Oil prices reached a new record high today on fears of a sharp slowdown in output from Russia and Iraq.