Summary
Oil prices plunged 10 percent to below $100 a barrel in New York on Thursday - the biggest drop since the 2008 financial crash - after a government report shook market confidence by showing a big jump in layoffs last week.
The collapse in oil prices couldn't come at a better time for the economy and consumers - just as average gasoline prices were threatening to set records of more than $4 a gallon. The sudden drop is expected to ease pressure on pump prices in coming days.See the full content of this document
Extract
; Jobless Figures Rattle Markets
Triggering the market crash - which affected stocks and commodities, from crude oil to silver and gold - was more evidence of diminished growth in the United States this year, caused in no small part by skyrocketing prices for fuel and f...
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