Crude prices lowest in a year

10/20/2008
By NINA RACH
The November contract for benchmark US light, sweet crudes hit new lows for the year, trading as low as $77.09/bbl Oct. 10 before closing at $77.70/bbl, down $8.89 for the day on the New York Mercantile Exchange.That market finished its first full October week with a 17% loss as international equity markets reeled in the current financial crisis and energy prices were undercut by indications of flagging demand.Olivier Jakob at Petromatrix, Zug, Switzerland, said Oct. 10: “The volatility on equities is currently higher than on crude oil, and the stock markets remain the greater input into the current flat price fluctuations on West Texas Intermediate. There is blood on the street, an...

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