Crude Oil prices fall by $10 per barrel, biggest drop in 17 Years

The global crude oil prices fell sharply by more than $10 a barrel, which is the biggest drop in the past 17 years. The fall has been attributed to the concerns about slower economic growth in the United States. It was feared that economic slowdown could dampen demand for oil and energy.

Since US is the world's largest energy consumer, the crude oil market reacted sharply to the above reports. The crude oil prices fell to $138.75 a barrel from more than $147 a barrel a couple of days ago.