Oil tumbles nearly 10% to $43 per barrel, on failed auto bailout

2008-12-12 23:13:27

NEW YORK, Dec. 12 (Xinhua) --

Crude oil plunged more than 4 U.S. dollars, losing gains in the previous session, in early Friday morning trading after the a emergency U.S. auto industry bailout bill failed in U.S. Senate.

Light, sweet crude for January delivery fell to as low as 43.32dollars a barrel, trading down 4.66 dollars, or 9.7 percent, on the New York Mercantile Exchange. Price rallied 10.2 percent to near 48 dollars a barrel Thursday on a weakened dollar.

The U.S. Senate rejected a 14-billion-dollar loan package for the troubled U.S. automakers Thursday night, which delivered a blow to the market as investors worry about a deeper recession. The heads of the major three automakers had warned that collapse of any of the company would result in thousands of job losses.

In London, January Brent crude tumbled 3.06 dollars to 43.33 dollars a barrel on the ICE Futures Exchange.

Editor: Sun

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