Oil Sheds $10 to Fall Below $100 a Barrel
Oil prices plunged as much as $10 a barrel Monday as a U.S. financial bailout plan failed to win legislative approval, increasing fears a prolonged economic downturn that could sharply curtail energy demand.
Light, sweet crude for November delivery at one point sank $10.06 to $96.83 before paring some losses to trade at $98.26, down $8.63. 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.
Crude has now fallen 34% since surging to an all-time record of $147.27 on July 11. More from FoxBusiness
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