Crude oil for November delivery falls as much as 3.3%, to US$76.05 on the New York Mercantile Exchange. Gold futures rise for the first time in five sessions
Oil futures fell sharply on Wednesday amid renewed worries that a worsening global financial contagion will lead to a further slowdown in the global economy and thus hurt demand for fuel.
Crude oil for November delivery fell as much as US$2.58, or 3.3%, to US$76.05 on the New York Mercantile Exchange. It last traded at US$76.43 a barrel at 12:36 p.m. London time.
Oil prices, down 11.3% from a year ago, have dropped 47% from the record US$147.27 a barrel on July 11.
Meanwhile, gold futures rose for the first time in five sessions, as the US dollar weakened and global equity markets slumped, increasing the yellow metal's appeal as an alternative investment.
Futures for December added US$8.40, or 1%, to US$847.90 an ounce in electronic trading on the Comex division of the New York Mercantile Exchange. The precious metal had lost US$67 in the past four sessions.
Gold for immediate delivery rose US$9.17, or 1.1%, to US$845.88 an ounce as of 11:07 a.m. in London.
