Oil falls below $78
Oil prices fell below $78 a barrel Wednesday in Asia on concern a massive bank bailout by the US and Europe won't avert a global economic slowdown that would erode crude demand.
Oil fell below $64 a barrel on Friday, to new 16-month lows, as gloom about a global economic downturn took the steam out of an OPEC agreement to cut output by 1.5 million barrels a day.