Oil prices fall in Asian Market after US Bailout Fails
The failure of the proposed $700 billion U.S. bailout bill on Monday has caused oil prices to fall to $95.55 a barrel in Asia on Tuesday. Crude prices scheduled for delivery in November decreased $0.81 in electronic trading on the New York Mercantile Exchange in Singapore. On Monday, oil prices dropped $10.52 in reaction to the U.S. economic situation. The day’s trading results were the largest percentage drop seen since 2001. In the last seven days, crude prices have plunged almost $25 per barrel, a 20% decrease. Even in London, November Brent crude was down to $93.42 a barrel, a…