Commodities markets summary A summary of trading in key commodities markets overseas: World oil prices fell on Friday, with New York crude striking a two-month low point, as traders eyed huge US spending cuts due to take effect and weaker Chinese manufacturing data. New York's main contract, West Texas Intermediate crude for delivery in April, sank as low as $US90.04 a barrel - the lowest level since late December, before recovering to close at $US90.68, down $US1.37 on Thursday's finish. Brent North Sea crude for April fell 98 cents to settle at $US110.40 a barrel in London trade. Analysts blamed the steadily gaining US dollar - the euro dropped to below the $1.30 level momentarily on Friday - and the expected slowing of the US economy due to the steep sequester spending reductions set to kick in. If not modified, the sequester - $US85 billion ($A83.67 billion) in spending cuts over the next seven months, and $US110 billion from the fiscal 2014 budget - could trim at least 0.5 percentage points from potential economic growth, economists say. Gold futures fell, ending at a fresh seven-month low, as a rebound in US equities and signs of optimism among US consumers pressured investor interest in gold. The most actively traded contract, for April delivery, on Friday fell $US5.80, or 0.4 per cent, to settle at $US1,572.30 a troy ounce on the Comex division of the New York Mercantile Exchange. This was the lowest settlement price since futures closed at $US1,570.80 on July 18. Platinum prices slipped to an eight-week low while palladium futures retreated to their lowest level in six weeks. Nymex platinum for April delivery fell $US10, or 0.6 per cent, to $US1,573.50 a troy ounce. Nymex palladium for June delivery fell $US14.15, or 1.9 per cent, to $US720.40 a troy ounce. Base metals were mostly lower at the close of London Metal Exchange (LME) trade, weighed by a mixed batch of economic data. At the PM kerb close on Friday, the LME's flagship three-month copper was down 1.5 per cent at $US7,700 a metric ton. Base metal sentiment was battered early Friday by a disappointing Chinese purchasing managers' index reading for February, which came in at 50.1, compared to 50.4 in January. Economists had expected PMI to rise to 50.5. A score above 50 indicates an expansion in manufacturing activity. Nickel held up the best of the base metals Friday, ending the session up $US50 at $US16,605/ton.