NEW YORK - Oil prices plunged to a 13-month low Friday as investors worried that the weakening global economy was driving down demand for fuel worldwide.
U.S. crude for November delivery sank $6.96 to $79.63 a barrel in electronic trading, its lowest level since crude traded in the high $70 range in September of last year.
Investors remain concerned that a crumbling economy was causing businesses and consumers to cut back on fuel consumption.
If oil ends the day below $80 a barrel, prices could slide even further, according to James Cordier, founder of OptionSellers.com in Florida.
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Source: CNN.com
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