| GEO Business|
| New York crude oil prices plunge 10 pc|
| Updated at: 0140 PST, Tuesday, March 03, 2009|
NEW YORK: Oil prices plunged almost 10 percent Monday in New York after another huge US government bailout in the financial sector sent markets into a tailspin on fears of a deepening global economic slump.
New York's main futures contract, light sweet crude for delivery in April, slumped 4.61 dollars -- or nearly 10 percent -- to close at 40.15 dollars a barrel.
The New York futures contract fell briefly below 40 dollars a barrel in intraday trade.