MW:Crude futures slump over 3% after S&P downgrade
LONDON (MarketWatch) -- Oil futures fell sharply on Monday, as the downgrade of the U.S. credit rating by Standard & Poor's led investors to reduce exposure to assets perceived as risky such as stocks and some commodities. Crude oil for September delivery CL1U -3.64% dropped $2.83, or 3.3%, to $84.05 a barrel in electronic trading on Globex. "Further losses can be expected in the near term, as financial investors should reduce risk positions on the back of high risk aversion and the uncertain economic outlook," Commerzbank analysts said in a note.
