Crude oil futures fall below $80 to 13-month low

U.Scrude futures closed lower to 13-month lows on Monday as U.Sstocks fell and heightened concerns that tighter credit could trigger a global recession, despite U.SPresident George WBush's statement that the U.Sgovernment is responding aggressively to financial market crisesNovember crude futures settled down $8.89, or 10.27 percent, at $77.70 a barrel, the lowest settlement since September 10, 2007Trading ranged from $77.09 to $85.13, the lowest since hitting $76.92 on September 11, 2007Crude oil prices hit an all-time high of $147.27 on July 11Brent for Novemberfell $8.57, or 10.37 percent, to settle at $74.09, trading in a range of $73.14 to $80.55, its lowest level since September 11, 2007November RBOB gasoline futures closed down 22.03 cents, or 10.87 per cent, at $1.8070, trading in a range of $1.7980 to $1.9836, the lowest since February 28, 2007November heating oil futures closed down 20.86 cents, or 8.62 percent, at $2.2100 a gallon, with an intraday trading range of $2.1844 to $2.3895, the lowest since hitting $2.1737 on Oct10oil market demand is under serious threat as economic growth slows globallyThe International Energy Agency cut 2009 crude oil demand growth by nearly 40 percent to 700,000 barrels per dayU.S stocks continued to fall as investors panicked as they sold stocks Global stock markets have fallen and there is growing concern that a credit market freeze could drag the world into recession finance officials from the Group of Seven industrialised nations are meeting in Washington to discuss how to work together to tackle the current financial crisis The announcement of the meeting will be issued after the 10th session the euro fell to a 16-month low against the dollar in New York as falling stocks fell and credit markets were tight, triggering demand for the dollar U.S crude futures closed lower to 13-month lows on Monday as U.S stocks fell and fears deepened that tighter credit could trigger a global recession, despite U.S President George W Bush's statement that the U.S government is responding aggressively to financial market crises November crude futures settled down $8.89, or 10.27 percent, at $77.70 a barrel, the lowest settlement since September 10, 2007 Trading ranged from $77.09 to $85.13, the lowest since hitting $76.92 on September 11, 2007 Crude oil prices hit an all-time high of $147.27 on July 11 Brent for November fell $8.57, or 10.37 percent, to settle at $74.09, trading in a range of $73.14 to $80.55, its lowest level since September 11, 2007 November RBOB gasoline futures closed down 22.03 cents, or 10.87 per cent, at $1.8070, trading in a range of $1.7980 to $1.9836, the lowest since February 28, 2007 November heating oil futures closed down 20.86 cents, or 8.62 percent, at $2.2100 a gallon, with an intraday trading range of $2.1844 to $2.3895, the lowest since hitting $2.1737 on Oct 10 oil market demand is under serious threat as economic growth slows globally The International Energy Agency cut 2009 crude oil demand growth by nearly 40 percent to 700,000 barrels per day U.S stocks continued to fall as investors panicked as they sold stocks Global stock markets have fallen and there is growing concern that a credit market freeze could drag the world into recession finance officials from the Group of Seven industrialised nations are meeting in Washington to discuss how to work together to tackle the current financial crisis The announcement of the meeting will be issued after the 10th session the euro fell to a 16-month low against the dollar in New York as falling stocks fell and credit markets were tight, triggering demand for the dollar (name)