Business | Oil & Gas
Oil hits $82 a barrel in one-year low
Oil prices fell five per cent to $82 a barrel on Friday as fears of a market turmoil strengthened demand fears.
- Agencies
- Published: 10:30 October 10, 2008
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Panic causes Asian stocks to plunge
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Singapore: Oil prices fell five per cent to $82 a barrel on Friday as fears of a market turmoil strengthened demand fears.
Investors are putting cash into safer havens and have sent oil plummeting by more than $60 from its record high above $147 in July.
US light crude for November delivery fell $4.16, or 4.8 per cent, to $82.43 a barrel, just above its earlier low of $82.00, in its biggest two-week decline since 2003.
London Brent crude shed $3.71 to $78.95 a barrel, the first time it has been below $80 in a year.
The decline in oil prices was despite the Organisation of the Petroleum Exporting Countries indicating that it will hold an emergency meeting in Vienna on November 18 to discuss the impact of the financial crisis on the oil market.
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