Crude futures drop to lowest level in eight months

SAN FRANCISCO (MarketWatch) -- November crude fell $3.94, or 4.2%, to $89.94 per barrel Monday on Globex. It traded as low as $88.89, the lowest futures price since Feb. 7. As the financial and economic crisis spreads, oil prices continue to trade on the bad economic news, said James Williams, an economist at WTRG Economics. Buying oil futures is like trying to catch a falling knife. November natural gas dropped to $6.92 per million British thermal units on Globex, down 6% to the lowest futures prices since December 2007.Market Pulse Stories are Rapid-fire, short news bursts on stocks and ...