Oil Closes Below $80 a Barrel for First Time Since October
Oil fell more than $3 Thursday to finish the trading day under $80 a barrel for the first time since early October, Bloomberg reported.
Crude futures tumbled $3.25 to finish the New York Mercantile Exchange trading day at $78.20 a barrel, Bloomberg said.
It was the lowest Nymex closing price and first time oil has closed under $80 since Oct. 5, according to Bloomberg figures.
The decline, which followed Wednesday’s $2.23 drop, followed economic reports that suggested lower demand, Bloomberg said, along with a Department of Energy report Wednesday that showed fuel inventories at their highest level since 1990.
Diesel and gasoline prices have fallen steadily for almost three months, as oil has tumbled since April.
