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Oil plummets below $83 on global slowdown fears
Oil prices plummeted to a one-year low below $83 a barrel Friday in European trading as investor fears of a severe global economic downturn caused by the crisis in credit markets sparked a panicked sell-off of both crude and equities.Light, sweet crude for November delivery was down $3.85 to $82.74 a barrel in electronic trading on the New York Mercantile Exchange by midmorning in Europe, the lowest since October 2007. The contract fell $1.81 overnight to settle at $86.62. ... "We haven't seen the bottom of this yet," Pervan said. "We thought $75 would be a floor but if the market mood doesn't change, $50 to $60 a barrel is not out of the question." In other Nymex trading, heating oil futures fell 10 cents to $2.32 a gallon, while gasoline prices dropped 8.33 cents to $1.94 a gallon. Natural gas for November delivery fell 18.1 cents to $6.64 per 1,000 cubic feet. In London, November Brent crude fell $4.46 to $78.20 a barrel on the ICE Futures exchange. Posted by: ed 2008-10-10 |
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