Crude futures tumbled Monday as investors worried that weak corporate earnings could drag down energy demand.
U.S. aluminum producer Alcoa said Monday it lost 1.19 billion U.S. dollars during its fourth quarter as prices and demand for the metal plunged in a troubled global market.
The company is cutting 13,500 jobs and making deep production cuts as many other U.S. manufacturers have slashed spending on fuel.
Crude futures declined as demand for crude continues to be weak. Light, sweet crude for February delivery fell 8 percent, or 3.24 dollars, to settle at 37.59 dollars a barrel on the New York Mercantile Exchange.
In London, February Brent crude fell 1.51 dollars to settle at 42.91 dollars a barrel on the ICE Futures exchange.
(Xinhua News Agency January 13, 2009)