Friday, October 10, 2008

Oil Down to $77 a Barrel

From Aljazeera:
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.

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