Oil plunged more than 8 percent on Thursday, heading for the third biggest daily drop in dollar terms on record, as concerns about economic growth and monetary tightening spurred a sell-off in commodities.
U.S. crude tumbled below $100 a barrel in heavy trading volume after weak economic data from Europe and the United States fed concerns that have battered commodities all week. German industrial orders fell unexpectedly in March while U.S. weekly jobless claims hit eight-month highs.
While declining oil prices are a good thing do not expect gas prices to drop right away. There would have to to sustained decline in the price of oil for that to happen.World stocks fell and the 19-commodity Reuters-Jefferies CRB index swooned more than 4.5 percent, heading for its biggest weekly decline since December 2008.