Oil Prices Plunge to 5-Year Low

(NEWSER) - OPEC has approved a cut in output of 2.2 million barrels of crude a day, the largest reduction ever, MSNBC reports. The consortium believes that stabilizing prices now by decreasing supply will guard against a price spike when consumer confidence increases. OPEC’s monthly report predicts that demand will have fallen 700,000 barrels in 2008, and will decline by twice that amount in 2009. More»

(AP) - Oil prices dipped below $60 a barrel tonight for the first time in about a year and a half, as a growing number of economic reports point to a long and painful recession. Light, sweet crude for December delivery fell to $59.97 in New York trading, the lowest level since March 2007, before ticking back up to $60.27. More»

(AP) - Oil prices plummeted to a one-year low below $83 a barrel today in European trading as investor fears of a severe global economic downturn sparked a panicked sell-off. "The whole market has lost confidence in everything," said one commodities strategist. "Everyone is worried about global growth, and oil is the front line commodity for that. There's just a lot of panic and fear." More»

Slowing demand drops crude to $108

(AP) - Oil prices dipped to just above $108 a barrel today after Hurricane Gustav left oil installations in the Gulf of Mexico largely undamaged. By midday in Europe, light, sweet crude for October delivery was down $1.50 on the New York Mercantile Exchange as the dollar continued to strengthen and attention shifted to slowing global demand for crude. At one point yesterday, it fell as low as $105.46, its lowest level since April. More»

(NEWSER) - The markets ended mixed today as commodities fell across the board, leaving traders unsure of the larger ramifications for the economy, MarketWatch reports. The Dow gained 43.97 points to close at 11,659.90, the Nasdaq slid 1.15 points to 2,452,52, and the S&P 500 climbed 5.27 points to 1,298.20. More»