Commodities prices fell to their lowest level in over six months on Tuesday, as crude oil prices tumbled on the news that hurricane Gustav had caused only minor damage to refineries in the US Gulf of Mexico, sparking a broader sell-off.

The Reuters-Jefferies CRB index, a global benchmark for raw materials prices, fell 3.8 per cent to its lowest level since mid-February. However, it was over 20 per cent higher on the year.