Stocks Nosedive as Global Oil Prices Plunge


After two days of gains in the oil patch, global crude prices resumed their downward trend, falling below the psychologically-significant $30 a barrel. West Texas Intermediate crude prices dipped as low as $29.33, the lowest level since November 2003. 

In recent action, WTI plunged 5.74% to $29.40, while Brent, the international benchmark, dropped 5.28% to $29.25 a barrel.

Renewed pressure in oil comes amid fresh concerns about China's markets and economy as the benchmark Shanghai Composite entered bear-market territory on Friday for the second time in six months. 

Potential for Iranian oil to flood the already-saturated oil market is also weighing on the minds of commodities traders. 

The energy sector, which saw gains of 4.62% during Thursday's session, tumbled well more than 3% on Friday

as majors Chevron (CVX) and Exxon (XOM) weighed heavily on the Dow Industrials.  (by Victoria Craig, Fox Business)