Oil Price Falls From Record as London Blasts Threaten Economic Growth

Crude oil, after reaching a record $62.10 a barrel in New York, plunged as terrorist bombs that killed at least 37 people in London raised the possibility of an economic slowdown. It was the biggest price swing in 14 years.

Today’s $4.90 intraday move was the biggest swing since the Persian Gulf War in 1991. On January 9, 1991, futures traded between a high of $31 and a low of $23.35 as prices declined from the record set a few weeks earlier on concern that Iraq’s occupation of Kuwait would cause crude oil shortages.

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