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Crude oil tumbles to lowest since May 2005 as recession deepens

Posted on 21 November 2008

From Bloomberg: Crude oil fell to the lowest since May 2005, trading almost $100 a barrel below its July peak as a deepening recession slows demand for autos and prompts factories to curb output.

Oil dropped for a fifth day, set for a 15 percent decline this week, after U.S. jobless claims jumped more than estimates and Singapore and Taiwan cut their growth forecasts. Toyota Motor Corp. reduced North American vehicle production and Isuzu Motors Ltd. and Hino Motors Ltd. said they’ll make fewer trucks in Japan. …. Full Article: Source


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