Crude Slumps More Than USD5/Barrel
Oil tumbled more than $5 a barrel, heading for its biggest weekly drop since 2004 and pacing a slump in commodities, on concern the deepening financial crisis will push the global economy into a recession.
Oil in New York fell to its lowest price in a year as plunging share prices in Asia and Europe left the MSCI World equity index headed for its worst week since 1970. Gold rose to the highest in nearly 11 weeks as investors sought the metal as a haven.
Crude oil for November delivery fell as much as $5.46, or 6.3 percent, to $81.13 a barrel on the New York Mercantile Exchange. The contract traded at $81.60 at 11:39 a.m. in London. Crude futures are down more than 13 percent this week, and have dropped 45 percent from a record $147.27 a barrel reached on July 11.
Oil in New York fell to its lowest price in a year as plunging share prices in Asia and Europe left the MSCI World equity index headed for its worst week since 1970. Gold rose to the highest in nearly 11 weeks as investors sought the metal as a haven.
Crude oil for November delivery fell as much as $5.46, or 6.3 percent, to $81.13 a barrel on the New York Mercantile Exchange. The contract traded at $81.60 at 11:39 a.m. in London. Crude futures are down more than 13 percent this week, and have dropped 45 percent from a record $147.27 a barrel reached on July 11.
