U.S. stocks tumbled as a 45 percent drop in Lehman Brothers Holdings Inc. shook the banking industry, and oil’s plunge to a five-month low pushed energy companies down by the most in six years. [Read more]

Crude oil fell in New York as Saudi Arabia’s oil minister said supplies are sufficient to meet demand, signaling that OPEC may maintain production levels when it meets today.

Crude oil for October delivery fell as much as $2.11, or 2 percent, to $104.23 a barrel and traded at $104.79 at 12:49 p.m. London time on the New York Mercantile Exchange. Oil has dropped 29 percent from the record $147.27 reached on July 11.

Oil also declined as Hurricane Ike weakened to Category 1 on the 5-step Saffir-Simpson scale of intensity as it passed over Cuba, easing concerns it will damage Gulf of Mexico oil facilities. Sustained winds dropped to 80 miles (130 kilometers) per hour, the U.S.

The contract climbed as much as 3.5 percent yesterday as Ike delayed the restoration of Gulf of Mexico output that was closed because of Hurricane Gustav last week. Ike was moving across Cuba’s western tip and was forecast to strengthen as it turns west into the Gulf of Mexico. The centre’s 5-day forecast shows the storm making landfall near Corpus Christi, Texas, early on Sept. 13.

Central bank President Durmus Yilmaz signaled a possible rate cut in the coming months in a speech given in Trabzon city. Durmus Yilmaz, powered with better-than-expected inflation figures, told audience that world financial crisis is continuing and Turkey is in the middle of this crisis.

Analyst comments are mixed suggesting whether it was early for Mr. Yilmaz to declare such a rate cut and it was a good decision to prepare public for the change in the coming months.

Nokia, the world’s largest mobile phone maker, warned on Friday that its market share would shrink in the third quarter of the year, ending a period of almost uninterrupted growth and wiping almost 10 per cent off its share price. [Read more]

Oil contract coded CLV8 traded at Nymex is down almost 9 dollars for the week closing at 106,58. This is the seventh consecutive red day for oil. [Read more]

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