Oil hits year low, sinking below $US80
- October 11, 2008 – 6:55AM
Crude oil fell below $US80 for the first time in a year and copper headed for its biggest weekly drop in more than 20 years on concern that the deepening financial crisis will push the global economy into a recession.
Oil in New York is approaching its biggest weekly decline since 2003 amid plunging share prices in Asia and Europe. The S&P 500 fell 5% to the lowest level since the start of the Iraq War in 2003. All commodities with the exception of coffee are down on signs that demand for raw materials will drop as the global economy falters.
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