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NEW YORK — The stunning collapse in oil markets accelerated Friday, sending a barrel of crude plunging below $78 as investors grow more pessimistic about resolving a mushrooming global economic crisis.
Oil hasn’t been this cheap in 13 months, a rare silver lining for consumers amid a rapidly imploding financial landscape.
Crude prices have almost been cut in half since surging to a record near $150 a barrel over the summer. Energy experts think prices could go even lower.
Light, sweet crude for November delivery ended the day $8.89 lower at $77.70 a barrel on the New York Mercantile Exchange. It was the lowest settlement price for a front-month crude contract since Sept. 10, 2007.
