Crude futures drop below $78 to a more than one-year low

SAN FRANCISCO (MarketWatch) — Crude futures dropped below the $78-per-barrel level Friday afternoon to trade at their weakest level since September of 2007. November crude was last down 10.4%, or $9.07, at $77.52 a barrel on Globex after a low of $77.38. “I think the liquidity crunch is now so bad that even commodities are suffering as big funds start to exit the market,” said Michael Lynch, president of Strategic Energy & Economic Research.
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