SINGAPORE: Oil prices tumbled to their lowest in almost a year before rebounding to above US$80 a barrel Tuesday in Asia amid a global sell-off of equities and commodities triggered by investor fears the U.S. will soon fall into recession.
Benchmark oil for September delivery was down $1.19 to $80.12 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. Earlier in the session, the contract fell to $75.71, the lowest since September 2010. Crude fell $5.57, or 6.4 percent, to settle at $81.31 on Monday.
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