Oil falls more than 4%

CBC
The volume of crude petroleum and refined petroleum products exports fell in the third quarter.
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The volume of crude petroleum and refined petroleum products exports fell in the third quarter.

The price of oil plunged Wednesday on growing signs of slowing growth in Asia.

Benchmark oil for November delivery closed down $3.75, or 4.1 per cent, at $88.14 US per barrel in New York.

The Asian Development Bank Wednesday slashed its growth forecast for this year for China, India, and the continent as a whole.

The ADB lowered its projection for China from 8.5 per cent to 7.7 per cent and for India from seven per cent to 5.6 per cent.

For Asia, it expects growth of 6.9 per cent, compared with its 6.1 per cent forecast earlier.

It blamed Europe’s continuing debt crisis and continuing weakness in the U.S. economy.

As well Wednesday, China said its services sector slowed in September but still is growing.

China is a huge importer of commodities like oil so slower growth there could cut into demand for oil.

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