Crude Down Again - Biggest Two Day Drop In Four Years
Crude oil tumbled below $92 a barrel Tuesday, having its biggest two-day drop in almost four years, on concern that turmoil on Wall Street may weaken the global economy and reduce demand for fuels and raw materials.
The failure of Lehmans, the takeover of Merrill Lynch and the crisis at AIG sent U.S. stocks to their steepest drop since the September 2001 terrorist attacks Monday night.
"Total panic, is how one analyst described things as the market finally comes to the conclusion that the world IS going into recesssion, and demand for oil will be slashed under such circumstances.
Crude oil for October delivery fell as much as $4.17 to $91.54 a barrel. It was at $92.23 at 08:38 a.m. London time.
The failure of Lehmans, the takeover of Merrill Lynch and the crisis at AIG sent U.S. stocks to their steepest drop since the September 2001 terrorist attacks Monday night.
"Total panic, is how one analyst described things as the market finally comes to the conclusion that the world IS going into recesssion, and demand for oil will be slashed under such circumstances.
Crude oil for October delivery fell as much as $4.17 to $91.54 a barrel. It was at $92.23 at 08:38 a.m. London time.
