From FT: Oil, metals and grains retreated on Thursday amid growing concerns about the impact of the credit crisis on global economic activity. Oil prices remained under pressure following the release on Wednesday of US data showing a substantial weakening in consumption.
Total product demand in the US averaged 19.02m b/d over the past four weeks, down 7.1 per cent compared with the same period a year ago. Nymex November West Texas Intermediate sank $4.56 to close at $93.97 a barrel, having reached $100.37. ICE November Brent fell $4.77 to $90.56 a barrel….. Full Article: Source