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Monday, October 06, 2008
Oil Drops Below $90 a Barrel
FOXBusiness
Oil hit an eight-month low on Monday on fears that the slowing economy will curb global demand.
Light, sweet crude settled at $87.81 a barrel Monday; more than 40% off its record close on July 3, when oil hit $145.29 per barrel.
Gains by the dollar against the euro may also be impacting the price.
The plunge in oil prices occurred as the Dow Jones Industrial Average dropped below 10000 points for the first time in nearly four years, and amid increasing chaos in the financial system, not just in the U.S. but in Europe as well. Economic slowdowns stymie demand for oil, so weaker outlooks usually depress the price.
