LONDON, England - May 5, 2011 - It was the biggest drop in the cost of raw materials in almost two years, amid negative economic data that showed the U.S. jobs market is struggling to recover.

Copper, tin, cocoa, coffee, sugar and lead were among others to take a hit - signalling a possible downturn just one day after Glencore, the commodities giant, unveiled the largest ever London flotation. Brent crude futures lost more than $10, or 8.6%, to settle at $110.80 per barrel per barrel in London, a few weeks after warnings that high prices would strangle growth.

In New York, the benchmark West Texas Intermediate oil future dropped below $100 for the first time since tensions in the Middle East caused the oil price to hit $127 per barrel.

Industry players from Royal Dutch Shell to the oil cartel OPEC have noticed that demand for fuel has been dampened by the high prices of recent weeks. Amerikan motorists have been feeling the pinch, with gasoline prices at $4 per gallon.

A drop in the price of crude oil will take a while to feed through to drivers, but they will start to see the cost of petrol reduce if the fall is sustained.