Crude Closes At 22-Month Low Monday

Crude futures closed at their lowest level in 22 months Monday, after an erratic trading session that took prices to a high near $59 per barrel, with energy demand under fresh scrutiny following a climb in U.S. industrial output and data showing that the Japanese economy has fallen into recession.

And likely adding to the session's volatility was the expiration of December crude-oil options, analysts said.

December crude futures fell by $2.09, or 3.7%, to close at $54.95 per barrel on the New York Mercantile Exchange. It finished at the session's weakest intraday level - a level not seen since late January of 2007.