OIL PRICES SLUMP TO FIVE-MONTH LOW

tauringhuang.

Crude oil prices yesterday plunged to a five-month low amid a broad sell-off in commodities as traders refocused on concerns about slowing global economic growth spreading beyond the US into Europe, Japan and even emerging markets.

The drop in oil prices to a low of $105.40 a barrel – down almost 30 per cent from July's all-time record of $147.27 – pushed Wall Street stocks higher, with energy-intensive industry shares, such as airlines, soaring.

The American Stock Exchange airline index was up 10 per cent at lunchtime yesterday. The broad S&P 500 index was up 0.9 per cent at 1,293.99 and had eased back from a rise of 1.6 per cent in early trade.