Crude oil plunges by over US$6- the largest single day drop

Tuesday saw crude oil futures close six dollars lower than start of day on concerns that oil demand will slump on slowing economic growth that sparked off a broad sell-off in energy commodities. OPEC has lowered its forecast for world oil-demand growth for 2008 and 2009, plunging crude futures by over US$6 a barrel, the biggest daily drop in more than 17 years. In New York, futures ended at US$138.74 a barrel, still standing 45% higher this year. In a monthly report released last week, the Energy Information Administration projected that U.S. petroleum consumption will shrink by 400,000 bpd in 2008, 38% more than EIA's June projection of a decline of 290,000 barrels. OPEC issued its monthly report, lowering its forecast for world oil-demand growth for 2008 to 1.03 million bpd, which represents a decline of 70,000 barrels from its previous estimate. Global oil demand this year is expected to average 86.81 million barrels a day.
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