Panic Resets Oil Prices
by Moira Herbst
As the cost of a barrel sinks below $78, demand forecasts are down and investors are fleeing the market. That's bad news for Big Oil
The era of sky-high oil prices and record oil company profits could be over—for now.
That's because stock market panic is spreading to the oil market. Oil prices sank to their lowest level in 13 months on Oct. 10 as worldwide investor uncertainty grew. Light, sweet crude for November delivery fell $8.89 per barrel, or 10%, to settle at $77.70 a barrel on the New York Mercantile Exchange, or Nymex (CME). Oil has lost 47% since hitting a record $147.27 on July 11.
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