Crude Oil Prices Plunge

An oil tanker makes its way through New York Harbor past the Manhattan skyline on Wednesday, Aug. 27, 2008. Oil prices rose above $119 a barrel Thursday on fears that Tropical Storm Gustav could strengthen on its way toward crude and natural gas rigs in the Gulf of Mexico and refineries in the Gulf area. (AP Photo/Mark Lennihan)
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Singapore (AP) Oil prices plummeted to a one-year low below $83 a barrel today in Asia as investor fears of a severe global economic downturn sparked a panicked sell-off of equities and crude.

Light, sweet crude for November delivery was down $4.00 to $82.59 a barrel in electronic trading on the New York Mercantile Exchange by midafternoon in Singapore, the lowest since October 2007. The contract fell $1.81 Thursday to settle at $86.62.

One analyst says “the whole market has lost confidence in everything.”

Oil investors even ignored signs that the Organization of Petroleum Exporting Countries may cut production. OPEC says it will hold an extraordinary meeting Nov. 18 to discuss how the widening global financial crisis is affecting oil prices.

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