Oil plunges to 13-month low on global slowdown

NEW YORK — The stunning collapse in oil markets accelerated Friday, sending a barrel of crude plunging below $78 as investors grow more pessimistic about resolving a mushrooming global economic crisis. Oil hasn't been this cheap in 13 months _ a rare silver lining for consumers amid a rapidly imploding financial landscape. Crude prices have almost been cut in half since surging to a record near $150 barrel over the summer. Energy experts believe prices could go even lower. Friday's steep losses came as Wall Street capped its worst weekly drop ever with another wild session. The Dow Jones industrial average fell as much as 700 points earlier in the day before gyrating in and out of positive territory and later finishing the day down 128 points. The frenzied trading weighed heavily on oil markets, sending prices plummeting more... [read full story]