Xinhua reported that US crude price dipped further below the important supporting level of USD 80 a barrel on lingering concerns about global economic recession.

Investors remained cautious after the large scale of sell off on the previous trading session.

Light, sweet crude for November delivery dropped 66 cents or 0.82% to USD 79.85 a barrel on the New York Mercantile Exchange, after slipping to the intraday lowest of USD 77.55. For the week, it plunged USD 8.11 or 9.22%, the biggest weekly drop since May 6th 2011.

In this week, rising fears of recession in the United States and Europe weighed heavily on the crude markets. After the International Monetary Fund lowered its forecast of global economic growth and warned the US and Europe may face recession, the Federal Reserve's pessimistic statement of US economy added to concerns and triggered widespread sell off.

In Europe, there was still no solution to address the ongoing debt crisis. From the slowing economic growth and weak PMI data, investors saw no hopes for any improving scenario.

In London, Brent crude for November delivery fell USD 1.52 or 1.44% to close at USD 103.97 a barrel. For this week, it tumbled USD 8.25 or 7.35%.

(Sourced from Xinhua)