Crude Futures Plummet in London, New York

Brent crude oil futures fell $3.40 per barrel yesterday on the ICE futures exchange in London to close at $108.17 per barrel, down from a four-month of high $117.95 last month.

Crude futures plunged $3.75 per barrel, or 4%, yesterday on the New York Mercantile Exchange to settle at $88.14. Futures hit a five-month high of $99 on the exchange in mid-September.

Analysts attribute the declines to a combination of economic gloom and oversupply. The U.S. Energy Information Administration reports that U.S. crude inventories remain at a 15-year high. Recent data signal the China's economy is slowing and European markets remain shaky, which could result in weaker energy demand.