Prices of crude oil fell to the lowest level in the last one year as demand slowed down and stock markets plunged on worries that the global finance crisis would drag down major economies including the US into recession.

Crude oil for November delivery fell by 5.2% or $4.49 to $82.10 a barrel on Thursday on the New York Mercantile Exchange. This is the lowest since October 2007. Futures on Friday were at $82.83 at 10:29 a.m. Singapore time. The recent fall in crude oil futures marks a fall of nearly 44% ever since it touched the record high of $147.27 on July 11 this year.

The recent fall in oil futures came as the Dow Jones Industrial Average tanked by more than 7% on Thursday, ending below 9000 for the first time since 2003. The sharp decline in crude prices has prompted OPEC to consider cutting down output when it meets on November 18.

Along with oil, copper also traded at its lowest since March 2006 falling by as much as 9% to $4830 per metric tonne at the London Metal Exchange. This is in sharp contrast to gold prices which have seen steep inclines as investors seek a safe haven for parking their assets in the wake of crashing stocks all across the globe.