Oil prices plunge in US

NEW YORK, USA (AFP) — US oil prices tumbled below US$60 a barrel for the first time since July 2009 yesterday, taking the shocking loss since June to about 44 per cent.

Prices held up for most of the day before sinking more than US$1.00 in the final two hours of trade on the New York Mercantile Exchange.

At the close, West Texas Intermediate crude for January delivery, the US benchmark, had lost 99 cents from Wednesday to US$59.95 a barrel.

In London, Brent crude for January tracked the same pattern, finishing down 56 cents to US$63.68 a barrel.

“Below US$60, we’re crossing another line here,” said James Williams, energy analyst at WTRG Economics of the WTI price.

He said that Wednesday’s US stockpiles report, with a rise in levels of stored crude and refined products, just added to the selling pressure on the oversupplied global market.

“There’s plenty of supply, more than plenty,” he said. “Refineries are running full output, products increasing, and still an increase in crude.”

“Conceivably, we could see crude going below US$50 for a short period of time,” he warned.

“The oil market may be oversold from a technical perspective, but it continues to lack fundamental support for a meaningful reversal to the upside,” said Tim Evans of Citi Futures.

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Oil prices plunge in US

Guatemala bus plunge kills dozens

9 September 2013 Last updated at 18:11 ET A fast-flowing river complicated the rescue operation At least 43 people have been killed after a bus plunged 200m (660ft) into a ravine in western Guatemala, rescue workers said.

The crash happened in San Martin Jilotepeque, some 65km (40 miles) from the capital, Guatemala City.

At least 40 people are thought to have been injured in the accident.

The bus had been travelling from Chimaltenango to San Martin Jilotepeque. The cause of the crash remains unknown.

Mario Cruz, spokesman for the local volunteer fire department, said about 90 people had been on board the bus which had an official capacity of 54 passengers.

The dead included at least three babies, he added.

The mayor of San Martin Jilotepeque, Otto Vielman, said it appeared that the bus had crashed against a wall of rocks and then fallen from a cliff.

The rescue operation was hampered by a fast-flowing river and emergency crews installed cables to carry stretchers over the water. The long arm of a mechanical digger was also used to lift people across the river.

Local residents volunteered to help the rescue operation and pictures from the scene showed some onlookers in tears as bodies were lined up alongside the crushed wreckage of the bus.

Local resident Carlos Jose Perez said many of those on the bus had been taking farm produce to market.

“The people here are really in mourning,” he said.

Several of the injured were transferred to local hospitals and some to Guatemala City.

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Guatemala bus plunge kills dozens