Oil Market Update : Epic Research Singapore

The plunge in oil prices accelerated Monday in line with the selloff in global financial markets, with West Texas Intermediate crude futures settling under $39 a barrel as investors remain shaken about prospects for global economic growth.

WTI crude for delivery in October CLV5, +1.44%  fell $2.21, or 5.5%, to settle at $38.24 a barrel on the New York Mercantile Exchange. That was the lowest level for a most-active contract since February 2009.

Nymex prices had tapped a low of $37.75.

October Brent crude LCOV5, +1.34%  on London’s ICE Futures exchange sank $2.77, or 6.1%, to $42.69 a barrel, dropping below $43 for the first time since March 2009. It is now trading nearly 59% below its one-year high of $103.19 reached in August last year.

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