Crude oil prices tumble by 8%

OIL plunged by 8% yesterday, heading for the third biggest daily drop in dollar terms on record, as concerns about economic growth and monetary tightening spurred a commodities sell-off.

US crude tumbled below $100 a barrel in heavy trading volume after weak economic data from Europe and the US fed concerns that have battered commodities all week. German industrial orders fell unexpectedly in March while US weekly jobless claims hit eight-month highs.

World stocks fell and the 19-commodity Reuters-Jefferies CRB index swooned more than 4.5%, heading for its biggest weekly decline since December 2008.