Oil prices plunge amid worries about demand following reports of poor earnings from US

22-Oct-12

The end of last week tumbled on Friday as demand concerns mounted, following poor earnings reports from US companies and a disappointing EU crisis summit. Additionally, a stronger dollar has added to market woes. New York's main contract, light sweet crude for November, plunged by over two dollars from Thursday to finish at US$90 a barrel, while Brent North Sea crude for delivery in December plunged to US$110.1 in London. Lack of rapid progress toward a full banking union at a two-day European Union summit in Brussels that concluded on Friday has also added to the concerns.