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Unless you have being living in your own world, you have probably heard that the House on Monday rejected a $700 billion emergency rescue plan for the nation's financial system in the US. The price of oil slumped and global financial meltdown loomed after the bill pushed by the Bush administration was voted down.
What you may not have heard is that aside from the fact that the Dow Jones industrial average plunged 778 points, oil prices also fell a staggering $10.52 US on Monday, or 8.9%, to $96.37 a barrel on the New York Mercantile Exchange.
Approximately $1.2 trillion in market value is gone after the House rejects the $700 billion bank bailout plan in the Dow.
The US light crude oil for November delivery fell $10.52 to settle at $96.37 a barrel, in the second-biggest one-day plunge ever since January 17, 1991.
Oil prices had plummeted over $55 after peaking at $147.27 a barrel on July 11, as investors bet that sluggish global growth will diminish oil demand. But prices have seesawed in the last few weeks as the financial crisis has intensified and investors sought to put their money into hard assets.
 
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