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It was the worst one week percentage drop for the markets in three months. By the close, a triple digit loss for the Dow. The S&P500 and the Nasdaq were also down . For the week the Dow fell almost 4%, the Nasdaq lost over 3%. Oil's skyrocketing price sent many investors scurrying out of equities. In a record-settinig run, oil prices have climbed more than a third this year. Crude set a record this week at $135 dollars a barrel. Crude oil settled over $131 a barrel. The unrelenting cost of fuel is battering the airline industry- on Friday, U.S. Airways lost nearly 20%, Continental fell by 8%, while Delta lost nearly 5%. Meantime, existing home sales continue to wilt -- but the rate of decline seems to be slowing. According to the National Association of Realtors, pending home sales fell only 1 percent in April but inventories of unsold homes surged 10.5 percent in April, putting the supply of homes at the highest since tracking began in 1999. Across the Atlantic, European stocks were dragged down by high oil prices and a pull-back in metal prices. It was the third day in 4 sessions that European markets lost ground. By the close the DAX and the CAC lost about 1.8 percent, and London's FTSE finished down by 1.5 percent. Markets in the US are closed on Monday for the Memorial Day holiday. Manoush Zomorodi, Reuters COMPANIES MENTIONED: U.S. Airways Group, Continental Airlines, Delta Air Lines