Crude falls below $71 a barrel amid concerns that economic growth may be derailed by growing credit crunch.
The crisis in global financial markets triggered by the sub-prime mortgage problems in the United States deepened Friday, forcing Asian central banks to join a global campaign to inject liquidity into banking systems.
Asian and European stock markets fell further after U.S. stocks closed nearly 3 percent lower a day before.
"The S&P (index in the U.S.) endured its worst day since February, and European markets are down again today. The subprime effect... continues to weigh on the market," said Tom Nelson, analyst at Guinness Atkinson Asset Management.
Other analysts said commodity markets were finding it increasingly tough to keep their traditional "safe-haven" status.
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Labels: Bush Mismanagement, collapse of US credit economy engineered by right wing to enrich themselves at the expense of the country, Oil
posted by TheFuriousGourmet | 7:47 AM
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