Oil futures drop under $22 a barrel
By Myra P. Saefong, CBS.MarketWatch.com
Last Update: 1:39 PM ET Sept. 24, 2001
NEW YORK (CBS.MW) -- Oil futures tumbled 15 percent in New York Monday - the biggest one-day decline since the Persian Gulf War - to trade under $22 a barrel for the first time in 16 months, on growing market concerns that an economic recession will decrease worldwide demand for oil.
On the New York Mercantile Exchange, November crude reached its lowest level since May 2000 at $21.80 a barrel. It was last at $22.10, down $3.87.
By Myra P. Saefong, CBS.MarketWatch.com
Last Update: 1:39 PM ET Sept. 24, 2001
NEW YORK (CBS.MW) -- Oil futures tumbled 15 percent in New York Monday - the biggest one-day decline since the Persian Gulf War - to trade under $22 a barrel for the first time in 16 months, on growing market concerns that an economic recession will decrease worldwide demand for oil.
On the New York Mercantile Exchange, November crude reached its lowest level since May 2000 at $21.80 a barrel. It was last at $22.10, down $3.87.
