WTI and Brent crude drop 8.6% to hit lowest since Mar-2011

WTI crude on the New York Mercantile Exchange declined USD9.44 per barrel to settle 8.6% lower at USD99.80 a barrel yesterday, the first time it has settled below USD100 since 16-Mar-2011 (The Australian, 06-May-2011). The fall is the largest single-day percentage decline for the contract since 20-Apr-2009. On the ICE futures exchange Brent crude also dropped 8.6%, losing USD10.39 per barrel to settle at USB110.80 per barrel, also the lowest settlement since 16-Mar-2011.