The price of oil tumbled more than 10 percent Friday to its lowest level in more than a year, as traders feared that the global economic crisis will kill demand for crude.

Oil sold on the New York Mercantile Exchange dropped $8.89 to close at $77.70 per barrel, its lowest price since Sept. 10, 2007. Caught in the sell-off decimating all financial markets, oil plunged $16.18, or 17 percent, for the week.

Friday's plunge added further proof that the historic bull market that drove oil prices above $145 per barrel this summer is truly over.

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