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Oil plunged 7 per cent this morning, touching a new 16-month low as rising US fuel inventories and a jump in the dollar exchange rate added to signs a global economic slowdown has dragged down demand.
Stocks, currencies, oil and commodities all tumbled as the impact of the worst financial crisis in 80 years continued to hit world-wide.
US crude fell US$5.08 to US$67.10 by 14:17 p.m. EST (1756 GMT), after earlier touching US$66.20, its lowest since June 14, 2007.
London Brent crude traded down US$4.90 to US$64.82.
Oil has plunged more than 50 per cent from its record high above US$147 in July as the financial crisis has cut energy demand in the United States and other industrial countries.
