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Message: Oil's looking weak

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Oil's looking weak

posted on Nov 06, 08 10:58AM

Oil drops 7 percent on recession concerns
Thursday November 6, 3:52 pm ET

By Matthew Robinson

NEW YORK (Reuters) - Oil tumbled nearly 7 percent on Thursday on expectations that demand would slow further after the International Monetary Fund predicted developed economies would deliver their worst performance since World War II.

U.S. crude settled down $4.53 at $60.77 a barrel, adding to a 7 percent drop from Wednesday. London Brent crude dropped $4.44 to settle at $57.43 a barrel.

Major bummer.

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