Doubts about Europe’s efforts to quell Greece’s debt crisis send commodities tumbling

Commodities tumble amid global flight from risk

NEW YORK — Commodities prices are falling sharply as new doubts about Europe’s ability to resolve Greece’s crisis sparked a global flight from investments seen as risky.

Crude oil and other energy contracts have tumbled Tuesday, a day after oil hit an 18-month high. Prices for copper and other industrial metals are also falling sharply.

The declines in commodities were made worse by a spike in the dollar as investors clamored for safe havens. The rising dollar tends to sap demand from foreign investors for commodities, which are priced in dollars.

Oil fell 4 percent, as did heating oil. Copper fell more than 3 percent, and silver prices were off nearly 5 percent.