Crude Slumps To 10-Month Low
Crude oil slumped to a 10-month low Wednesday on the gradual realisation that the current global financial crisis is escalating quicker than central banks can throw money at it.
Mastercard say US gas consumption fell 9% last week. That was the 24th consecutive weekly decline, and the biggest since September 2005, after Hurricane Katrina sent pump prices to records.
Crude for November delivery fell as much as $4.01 to $86.05 a barrel in electronic trading on the New York Mercantile Exchange, the lowest since Dec. 6, 2007. It traded at $87.27 a barrel at 11:49 a.m. in London.
The US Energy Dept will release its weekly inventory data later today at around 3.35pm BST.
Mastercard say US gas consumption fell 9% last week. That was the 24th consecutive weekly decline, and the biggest since September 2005, after Hurricane Katrina sent pump prices to records.
Crude for November delivery fell as much as $4.01 to $86.05 a barrel in electronic trading on the New York Mercantile Exchange, the lowest since Dec. 6, 2007. It traded at $87.27 a barrel at 11:49 a.m. in London.
The US Energy Dept will release its weekly inventory data later today at around 3.35pm BST.
