September 29, 2008

AH, THE BRIGHT SIDE:

Oil plunges $10 as US bailout plan voted down (Stevenson Jacobs, 9/29/08, AP)

Oil prices plunged over $10 a barrel Monday as a U.S. financial bailout plan failed to win legislative approval, increasing fears tat a prolonged economic downturn that could sharply curtail energy demand.

Light, sweet crude for November delivery sank $10.52 to settle at $96.36 on the New York Mercantile Exchange, after earlier dropping as low as $95.04. It was crude's lowest trading level since prices edged back below $100 earlier this month; crude previously hadn't traded that low since February.

Posted by Orrin Judd at September 29, 2008 3:13 PM
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