Oil prices plummeted on Thursday, falling below $70 a barrel for the first time in 16 months, and prompting the OPEC cartel to call for an emergency meeting next week.

Oil prices have dropped sharply in recent weeks amid the economic crisis and lower consumption in developed nations. In New York, oil futures fell as much as 8 percent, to $68.57 a barrel, on Thursday, their lowest since June 2007. At the close, oil was down $4.69 a barrel, to $69.85.

Oil has lost half its value since hitting a record closing price of $145.29 a barrel in July.


Link: http://www.nytimes.com/2008/10/17/business/worldbusiness/17oil.html?_r=1&hp&oref=slogin