Crude prices breach $48, US markets crash
New York: Stock markets in US crashed to fresh 2005 lows as oil prices crossed $48 barrel, fuelling concerns of higher energy costs squeezing corporate profits. NYMEX crude or February delivery shot up $1.67 to settle at $48.04 a barrel amid forecasts for colder weather in the U.S.

The Dow Jones industrial average fell 111 points or 1.05 per cent to 10,505. The Standard & Poor's 500 Index dropped 10 points or 0.86 per cent to 1,177. The Nasdaq Composite Index was down 21 points or over a per cent at 2,070.

Meanwhile, a government report released on Thursday showed that the number of Americans filing initial claims for jobless pay grew unexpectedly last week to 367,000.
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