Crude Oil - Plunged to their lowest level in 17 months

Global crude oil prices plunged to their lowest level in 17 months in Asian trade as market sentiment worsened over OPEC's production cuts and other bearish factors. At 0515GMT, New York's main contract, light sweet crude for delivery in December, was $0.05 lower at $56.20 a barrel. The contract had touched a low of $55.99 earlier in the session.