Markets are in a state of frenzy as crude oil have sunk by 10% as the US House of Representatives has narrowly rejected a US$700 bln government bailout of the financial sector. New York's main contract, light sweet crude for November delivery, fell by over 10 dollars to close at US$96.3 a barrel. While in London, Brent North Sea crude for November settled about nine dollars lower at US$93.98.
This fresh move has raised concerns of further economic turbulence in the world's largest economy, that could significantly dampen global oil demand. This, combined with the deteriorating outlook for European economies, has further fueled concerns over the energy demand outlook.
30-Sep-08 
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