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U.S. crude falls more than $1 on economic fears

HOUSTON
Wed Nov 12, 2008 6:35pm EST
Traffic at a New Jersey Turnpike toll booth in a file photo. REUTERS/File

HOUSTON (Reuters) - U.S. crude oil futures fell more than $1 after Wednesday's settlement on mounting pessimism about the global economic outlook.

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November delivery crude was down as much at $1.09, hitting $55.07 a barrel on the New York Mercantile Exchange's Globex trading platform, after settling earlier Monday at $56.16 a barrel, down $3.17 from Tuesday's finish.

Traders have said crude futures may find support in a range between $50 and $55 a barrel.

(Reporting by Erwin Seba; Editing by David Gregorio; Editing by David Gregorio)
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