Crude oil plunges to 4 year lows on increased concerns of waning energy demand on extremely weak jobs data

08-Dec-08

Release of information indicating extremely weak jobs data in the Unites States has further increased prospects of a drastic decrease in energy demand, tanking crude oil prices. Crude oil prices have plummeted to 4 year lows - light, sweet crude for January delivery settled at US$40.8 on the New York Mercantile Exchange, while intraday trade saw figures sink below $US40.50, its lowest level since December 2004. In London, Brent North Sea crude for January delivery dropped to US$39.7.