22 Sep '11, 2pm

Oil prices plunge as Fed warning prompts dollar rally

LONDON : Oil prices plunged more than four dollars on Thursday, hit by a stronger dollar as investors flocked to the safe-haven currency after the US central bank warned of significant downside risks to the economy. A strong greenback makes dollar-priced crude more expensive to holders of other currencies, softening demand. New York's main contract, West Texas Intermediate for delivery in November dived $4.30 to $81.62 a barrel. Brent North Sea crude for November tumbled $4.13 to 106.23 in London afternoon trade. The US Federal Reserve on Wednesday unveiled a $400-billion stimulus plan to reduce long-term interest rates but investors chose to focus on its warning about the outlook for the world's biggest economy and oil consumer. The Fed painted a grim picture of the economy, strapped with slow growth, high unemployment and a depressed housing market. "There are significan...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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prices are negotiable

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The German Army report on Peak Oil:

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