Crude oil fell to its lowest price in a year, trading below $80 a barrel in London, as demand declines amid a worsening economic outlook caused by a global credit crisis.
The price dropped $5.61 to $77.05 a barrel on London's ICE Futures exchange on Friday.
While on the New York Mercantile Exchange, crude oil for November delivery fell as much as $3.08, or 3.6 per cent, to $83.51 a barrel, the lowest since October 2007.
The price of crude oil has now plunged by almost 50 per cent since striking record high levels above $147 per barrel on July 11.
Friday, October 10, 2008
Oil Down to $77 a Barrel