Oil plunges to lowest levels since October 2011

06-Jun-12
Signs of an economic slowdown in the US and China have pulled down oil prices further, plunging them to US$81.50 a barrel on the Nymex- the lowest price since October 7. Brent futures dropped 2.3% to the lowest intra- day price since October 6, extending last week's 8.4% decline on news of a rise in unemployment levels in USA and less than forecast increase in payrolls. News from China was not encouraging- Purchasing managers' index for non-manufacturing industries fell to the lowest level in a year.
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