Posted by: youngragingbull | October 3, 2012

Oil falls below $90, down more than 4%

The price of oil plunged Wednesday on growing signs of slowing growth in Asia.

Benchmark oil for November delivery closed down $3.75, or 4.1 percent, at $88.14 US per barrel in New York.

The Asian Development Bank Wednesday slashed its growth forecast for this year for China, India, and the continent as a whole.

The ADB lowered its projection for China from 8.5 percent to 7.7 percent and for India from 7 percent to 5.6 percent. For Asia, it expects growth of 6.9 percent, compared with its 6.1 percent forecast earlier.

The ADB attributed Asia’s economic cool down to Europe’s continuing debt crisis and continuing weakness in the U.S. economy.

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