Crude oil plunges; other commodities also weaken

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Associated Press

Posted on November 7, 2012 at 5:01 PM

Updated Wednesday, Nov 7 at 5:01 PM

Oil and other energy products are closing sharply lower in the wake of the presidential election as traders turn their focus back to the problems facing Europe and the U.S.

The prices of copper and other metals also fell. Agricultural commodities were mixed.

Crude oil plunged to its lowest point since July after European leaders slashed their forecasts for economic growth next year.

In the U.S., investors worried that a divided government in Washington may not be able to avoid the deep spending cuts and tax hikes set to take place in January unless Congress acts.

Crude oil dropped $4.27 to finish at $84.44 a barrel, a loss of nearly 5 percent. Wholesale gasoline fell 4 percent and heating oil fell 3 percent.

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