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Oil Plummets on Economy Worries

NEW YORK -- Oil prices fell sharply Monday, pulling back at least temporarily from record levels as investors feared that the financial crisis that forced the sale of Bear Stearns Cos. is a sign of deep economic troubles, according to the Associated Press.

Crude's plunge came even as diesel prices rose to a new record above $4 a gallon, and gas prices remained high.

Light, sweet crude for April delivery fell $3.08 to $107.13 a barrel in morning trading on the New York Mercantile Exchange. Overnight, prices rose as high as $111.80 before plunging as low as $105.11 in early morning Nymex trading.

Posted by Peter C. T. Elsworth  at 12:07 PM to Crude oil market | Permalink

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