Crude oil plunged as much as $10 intraday. According to Bloomberg, concerns that a slower U.S. economy would hurt demand for oil and gasoline helped push prices lower. Oil fell after Federal Reserve Chairman Ben Bernanke testified to the Senate Banking Committee that risks to growth and inflation have risen.
Separately, OPEC said it expects demand for its members to fall in 2009 as the global economy slows. The oil cartel now forecasts demand to average 31.2 million barrels a day, 710,000 barrels a day lower than its original forecasts.
From the Bull Pen: Did oil prices come in because of concerns of the overall economy or is crude really in a bull market? Remember the sharpest sell-offs occur in the context of a bull market. Bulls can continue to look to the oil ETF (USO) for an upside play. 
From the Bear Cave: Professor Vitaliy Katsenelson mentioned a play for those expecting oil prices to come in. See his article: If Oil Drops, Look To Kimberly Clark.
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