Oil prices plunge more than a dollar

02-Nov-11
U.S. December crude plunged by over a dollar to US$92. Crude in USA surged 17.7% in October, the biggest percentage gain since May 2009. Oil prices fell by over a dollar as the US dollar strengthened amid continuing uncertainty about the resolution of the euro zone's debt crisis. The situation worsened by the collapse of USA based futures brokerage MF Global that filed for bankruptcy protection following bad bets on euro zone debt. Its meltdown in less than a week made it the biggest U.S. casualty of Europe's debt crisis and the seventh-largest bankruptcy by assets in American history. A downward trend is anticipated until news is received from either the FOMC, the G20, or from the U.S. non-farm payroll due on Friday.
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