Crude Ends Week With Largest Percentage Fall Since 2004
Crude oil for November closed the week at $93.88 a barrel, posting the commodity's largest weekly fall in percentage terms since 2004.
Prices fell 12 percent for the week amid concerns that the much-publicised $700 billion bailout plan will do little to stimulate the US economy or demand.
The US consumes around a quarter of the world's oil and a recession there is obviously going to have a major impact on consumption.
US fuel demand averaged 19 million barrels a day during the past four weeks, the lowest since October 2001, the Energy Department said Wednesday.
$4/gallon at the gas pumps was clearly the trigger point, but with prices now down to around $3.65 there is little evidence of consumers cranking their usage back up again anytime soon.
Prices fell 12 percent for the week amid concerns that the much-publicised $700 billion bailout plan will do little to stimulate the US economy or demand.
The US consumes around a quarter of the world's oil and a recession there is obviously going to have a major impact on consumption.
US fuel demand averaged 19 million barrels a day during the past four weeks, the lowest since October 2001, the Energy Department said Wednesday.
$4/gallon at the gas pumps was clearly the trigger point, but with prices now down to around $3.65 there is little evidence of consumers cranking their usage back up again anytime soon.
