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Oil prices fall by more than $10 a barrel

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JOURNAL STAFF AND WIRE REPORT

Published: September 30, 2008

NEW YORK -- Oil prices fell more than $10 a barrel yesterday as a U.S. financial bailout plan failed to win legislative approval, raising the specter of a prolonged economic downturn that could drastically erode world energy demand.

Light, sweet crude for November delivery fell $10.52, or 10.1 percent, to settle at $96.36 on the New York Mercantile Exchange, after earlier dropping as low as $95.04. It was crude's lowest trading level since prices edged back below $100 earlier this month; crude previously hadn't traded that low since February.

Crude has fallen almost $25, or 20 percent, in the past week.

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Oil prices fall by more than $10 a barrel

JOURNAL STAFF AND WIRE REPORT