Posted AT 5:11 PM EST on 10/10/08
Oil plunges to 13-month low
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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