Markets plunge as oil heads for $100 a barrel

Global stock markets suffered another day of steep falls on fears over the severity of the credit crisis – and the turbulence could be just the start of a much more protracted downturn, the Organisation for Economic Co-operation and Development warned.

With the price of oil flirting yesterday with the once-unimaginable level of $100 a barrel, investors fled equities for government bonds that might better weather any economic storm.
Independent