US crude plunges $4.53 on falling stock market

06 November 2008 21:27  [Source: ICIS news]

HOUSTON (ICIS news)--NYMEX light sweet crude futures for December delivery settled on Thursday at $60.77/bbl, down $4.53 versus Wednesday’s close, led down by a sell-off in stock markets.

A strong dollar and concerns regarding slowing global economies triggered a round of selling extending the losses across the energy complex.

December crude topped out overnight at $65.50/bbl and plunged to a 19-month low of  $60.16/bbl before rebounding slightly.

ICE Brent for December delivery established an intra-day low of $56.44/bbl before settling at $57.43/bbl, down $4.44 from Wednesday.

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By: Ignacio Sotolongo
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