Aug 8, 2011
Crude-oil futures on Monday settled at their lowest since late November as fear gripped markets following Standard & Poor's announcement late Friday to cut the U.S. debt ratings.
Crude for September delivery tumbled $5.57, or 6.4%, to $81.31 a barrel on the New York Mercantile Exchange -- the biggest one-day drop for a most-active oil contract since early May.
Oil had fallen 9.2% the previous week.
Oil & Gas Post
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