Oil Prices Plunges in Asian market

This news updete by www.thearynews.com

SINGAPORE: World oil prices plunges below 60 dollars in Asian trade on Friday, with the market gripped by worries energy demand would be hit by a global economic downturn, sources said.

New York's main contract, light sweet crude for December delivery briefly traded below the 60-dollar level at 59.97 dollars, its lowest level since March 2007, but later regained some ground to trade at 60.52 dollars.

The New York contract closed Thursday 4.53 dollars lower at 60.77 dollars. Brent North Sea crude for December delivery was off 81 cents to 56.62 dollars a barrel from Thursday's close of 57.43 dollars.


Via news