Oil prices drop 10%

Oil prices drop 10%
# 13 October 2008 09:28 (UTC +04:00)
Baku. Vahab Rzayev - APA-Economics. Oil prices fell 10 percent on Friday, ending below US$80 a barrel the first time in a year, and gold reversed an early rally as investors sold every asset they could to raise cash amid growing fears of a global recession.
US crude oil settled down US$8.89 at US$77.70 a barrel, after plummeting 10 percent to US$77.09, the lowest level since Sept. 11 last year. London Brent crude settled down US$8.57 at US$74.09 a barrel.
Crude oil for November delivery fell US$16.18, or 17 percent, to US$77.70 a barrel this week on the New York Mercantile Exchange, the lowest settlement price since Sept. 10 last year. Prices, which are down 4.4 percent from a year ago, have dropped 47 percent from the record US$147.27 a barrel reached on July 11.
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