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Newspaper
Odessa American
Location
Odessa, Texas, United States of America
Date
Oct 11, 2008
Page
2
Oil futures extend losses amid Wall Street retreat and growing fear over a deepening global economic crisis. November crude settles at 77.70 a barrel on the NYMEX, the lowest front month price since 2007, while gasoline averages slip to 3.35 a gallon and other fuels fall.
Global energy shares plunged after crude and natural gas slumped to levels not seen in over a year. The Dow industrials shed about 8 percent at one point as gasoline demand weakened 5.3 percent over four weeks. Exxon Mobil lost nearly 13 percent, while National Oilwell Varco fell 19 percent amid a broader sell-off and forecasts of lower oil demand.
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