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Posted AT 5:11 PM EST on 10/10/08

Oil plunges to 13-month low

STEVENSON JACOBS

The Associated Press

NEW YORK — The stunning collapse in oil markets accelerated Friday, sending a barrel of crude plunging below $78 (U.S.) as investors grow more pessimistic about resolving a mushrooming global economic crisis. Oil hasn't been this cheap in 13 months — a rare silver lining for consumers amid a rapidly imploding financial landscape. Crude prices have almost been cut in half since surging to a record near $150 barrel over the summer.

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