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Another Oil Plunge
It feels like September 2007 again. Crude oil prices slipped below the $80 mark on Friday, the first time since last September, when it used to trade in the high-$70s. The price of U.S. crude for November delivery slumped around $7 to $78.61 per barrel. The result: oil giants like Exxon Mobil (XOM - Analyst Report), Chevron (CVX - Analyst Report) and ConocoPhillips (COP - Analyst Report), all falling by more than 8%. The plunge in oil prices came on the back of the deepening financial crisis and fears of lower demand.
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| Market Summary | Jul 04, 2009 23:05 pm ET |
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