Newspaper article The Evening Standard (London, England)

Traders Report 'Total Panic' as Oil Price Plunge Continues

Newspaper article The Evening Standard (London, England)

Traders Report 'Total Panic' as Oil Price Plunge Continues

Article excerpt

Byline: BILL CONDIE

THE oil price was plummeting today, registering its biggest falls in four years and down below $90 a barrel less than a week after it crashed back through $100 a barrel.

Trading in the global commodity markets was frantic overnight, with traders in the Far East talking of "total panic".

With the price of oil crashing overnight, Brent Crude opened in London today at as low as $89.80 before stepping back marginally to trade at $90.24, a fall of $4 from its close last night. The price of US oil on the Nymex exchange also plummeted, falling $3.57 to $92.14.

The latest falls the crash since the start of this week represents the worst two-day performance for oil since 2004 means the price of oil has now come back nearly 40% since the peak of more than $147 a barrel in early July.

The plunge in the price of oil comes on the back of fears for the state of the US economy, the world's largest, which is in a serious downturn and now in the throes of financial crisis. …

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