US crude plunges $6.07 on credit-crunch sell off

06 October 2008 21:29  [Source: ICIS news]

HOUSTON (ICIS news)--NYMEX light sweet crude futures for November delivery settled on Monday at $87.81/bbl, down $6.07 versus Friday’s close.

Sentiment that the credit crunch would impact global energy demand drove crude prices down to eight-month lows. A stronger dollar and a rout in global stock markets also pressured the entire energy complex as well as other commodities.

Overnight, November crude topped out at $92.68/bbl before plunging to an intra-day low of $87.56/bbl.

ICE Brent for November delivery bottomed out at $83.36/bbl and settled at $83.68/bbl, down $6.57 from Friday.

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Author: Ignacio Sotolongo
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