and the biggest single-day percentage decline for the contract since April 20, 2009.
Brent crude on the ICE futures exchange recently shed $10.39 or 8.6%, to $110.80 a barrel, also the lowest settlement since March 16.
Oil prices tumbled amid a selloff in the commodities market. A disappointing reading on U.S. employment levels sparked the slide, amid worries about weaker fuel demand. The decline accelerated as the dollar soared following the European Central Bank's decision to keep interest rates unchanged.
Analysts said traders have received signals all week that oil demand in the U.S., the world's largest crude consumer, was not catching up with elevated supply levels, and they rushed to sell contracts as Thursday's decline built momentum.
Brent crude on the ICE futures exchange recently shed $10.39 or 8.6%, to $110.80 a barrel, also the lowest settlement since March 16.
Oil prices tumbled amid a selloff in the commodities market. A disappointing reading on U.S. employment levels sparked the slide, amid worries about weaker fuel demand. The decline accelerated as the dollar soared following the European Central Bank's decision to keep interest rates unchanged.
Analysts said traders have received signals all week that oil demand in the U.S., the world's largest crude consumer, was not catching up with elevated supply levels, and they rushed to sell contracts as Thursday's decline built momentum.
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