MW: Crude futures down 2.6% in late morning trading
By Myra P. Saefong
WASHINGTON (MarketWatch) -- December crude traded at $66.15 per barrel on Globex late Monday morning, down 2.4%, or $1.66. The contract touched a low of $65.15. "Seasonally, we see oil down heading lower from September into early January," said John Person, president of National Futures Advisory Services. This time around, there are certain things at play that are "magnifying this seasonality" -- one of which is "lower global demand from the impending economic slowdown and rising unemployment around the globe," he said.
