Evidence of global recession fears were most obvious in the price of crude oil, which briefly plunged below $80 a barrel to its lowest level of the year. However, crude prices recovered along with the equities markets, recently down $5.93 to $80.66 a barrel.
Oil has been on an incredible rollercoaster ride in 2008, soaring to $147 a barrel in July before collapsing and turning negative on the year. Crude has been under intense pressure from both the strengthening U.S. dollar and simple supply and demand. Recession fears have forced the energy market to price in significantly lower global demand.
