LONDON (AFP) - Oil prices fell this week to their lowest levels since 2004, despite a record OPEC output cut, while many commodities were dragged lower on fears of a looming global recession and weak demand. "Commodity markets have fallen back sharply under the weight of a rapidly deteriorating outlook for global growth," said Barclays Capital analysts in a research note to clients. "Thin trading conditions have exacerbated the downfall, pushing implied volatility in many markets to all-time highs." However, some raw materials won modest support from the weak dollar, which fell after the US Federal Reserve slashed interest rates to virtually zero in an attempt to boost a struggling economy. A weak greenback normally lifts the price of dollar-priced commodities because it encourages buyers using stronger currencies. OIL: New York crude oil hit a low point of 33.44 dollars per barrel in New York, which was a staggering 77 percent beneath the record high 147.27 dollars per barrel that was forged in July. A record oil output cut by the OPEC crude producers' cartel failed to stop the slide to a 4.5-year trough that was last seen on April 2, 2004. New York's January contract was also driven lower in technical trade due to its expiry on Friday. The fresh falls prompted OPEC President Chakib Khelil to stress that the cartel would continue cutting output until prices stabilise. The market also plunged lower as many traders doubted whether all members of the 13-nation OPEC cartel would fully enforce the reduction. Analysts at Barclays Capital added: "Scepticism about OPEC's ability to cut output resulted in a steep fall in oil prices." The market plunged also lower as many traders questioned whether all members of the 13-nation OPEC cartel would fully enforce the reduction. Saudi Arabian oil minister Ali al-Nuaimi again indicated he thought 75 dollars per barrel would be "fair and reasonable," adding that anything lower could lead to more, not less, instability. In Oran meanwhile, OPEC also looked to non-member oil producers Russia and Azerbaijan to make reductions of their own. The pair said they were each ready to cut their own oil production by about 300,000 barrels a day. Combined with these possible cuts, the world's biggest oil producers could eventually take about 2.8 million barrels a day off the oil market " about 3.0 percent of current global production. By Friday on the New York Mercantile Exchange (NYMEX), light sweet crude for delivery in January tumbled to 36.91 dollars from 44.51 dollars. On London's InterContinental Exchange (ICE), Brent North Sea crude for February was steady at 44.67 dollars, from 44.49 dollars a week earlier when January was the most traded contract. PRECIOUS METALS: The prices of gold, silver, platinum and palladium fell. On the London Bullion Market, gold rose to 835.75 dollars an ounce at Friday's late fixing from 826.50 dollars a week earlier. Silver increased to 10.61 dollars an ounce from 10.07 dollars. On the London Platinum and Palladium Market, platinum gained to 848 dollars an ounce at the late fixing on Friday from 801 dollars a week earlier. Palladium climbed to 176 dollars an ounce from 172 dollars. BASE METALS: Base metals prices hit a variety of multi-year low points as trade was dampened by concerns about the slowing global economy. "Industrial metals remain under pressure from a weak demand outlook amid global recession and chronic oversupply, evidenced by rapidly rising inventories," said Calyon analyst Robin Bhar. Copper dived Thursday as low as 2,850.15 dollars, a level which was last seen in December 2004. Aluminium slid the same day to 1,430.50 dollars, a low last seen in October 2003. Lead meanwhile sank to 891 dollars on Friday, which marked the worst level since September 2005, owing to buoyant global stockpiles. By Friday, copper for delivery in three months fell to 2,870.25 dollars a tonne on the London Metal Exchange from 3,150 dollars a week earlier. Three-month aluminium dipped to 1,490 dollars a tonne from 1,511 dollars. Three-month lead declined to 891 dollars a tonne from 980 dollars. Three-month zinc firmed to 1,105 dollars a tonne from 1,060 dollars. Three-month tin slipped to 10,415 dollars a tonne from 11,501 dollars. Three-month nickel eased to 10,100 dollars a tonne from 10,208 dollars. COCOA: Cocoa futures rallied in line with a weak dollar. "A weakening of the dollar, due to the Fed interest rate cut, surged prices from the off in New York with London sharply following suit," said Sucden analyst Stephanie Garner. By Friday on LIFFE, London's futures exchange, the price of cocoa for delivery in March jumped to 1,800 pounds a tonne from 1,620 pounds a week earlier. On the New York Board of Trade (NYBOT), the March cocoa contract increased to 2,661 dollars a tonne from 2,380 dollars. COFFEE: Coffee prices dipped. By Friday on LIFFE, Robusta for delivery in March fell to 1,818 dollars a tonne from 1,900 dollars a week earlier. On the NYBOT, Arabica for March dropped to 110.70 US cents a pound from 112 cents. SUGAR: Sugar prices pulled lower as oil prices tumbled. Sugar is used in the production of ethanol, a cheaper alternative to motor fuel which is refined from crude oil. When crude futures fall, demand drops for ethanol. By Friday on LIFFE, the price of a tonne of white sugar for delivery in March eased to 313.20 pounds from 319.40 pounds the previous week. On NYBOT, the price of unrefined sugar for March drooped to 11.18 US cents per pound from 11.72 cents. GRAINS AND SOYA: Grains and soya prices rebounded on the weak dollar. "The main driver has been the collapse of the US dollar, commodities have rallied this week because of that," said analyst Bill Nelson at Doane Advisory Services. By Friday on the Chicago Board of Trade, maize for delivery in March firmed to 3.78 dollars a bushel from 3.73 dollars the previous week. March-dated soyabean meal " used in animal feed " advanced to 8.69 dollars from 8.56 dollars. Wheat for March increased to 5.65 dollars a bushel from 5.13 dollars.