Oil Continues to Fall, Dropping Below $70 a Barrel

Oil prices continued to fall Wednesday, dropping briefly under $68 a barrel a day after closing below $70 for the first time in eight months, Bloomberg reported.

Crude futures fell $1.50 to $67.90 in early New York Mercantile Exchange trading, on signs that gasoline demand was dropping in the U.S. and Europe, Bloomberg said.

Oil closed both Tuesday and Wednesday below $70 a barrel on the Nymex, the first time it has closed below that level since Oct. 7.

OPEC supplier nations were “tense” about the recent steep decline prices and may call a meeting if the drop continues, Bloomberg reported.

Prices have dropped sharply since April, when futures were trading over $86 a barrel.

The Department of Energy said Wednesday that oil inventories rose by 200,000 barrels last week, while gasoline stockpiles fell by 300,000.

Distillate fuel inventories, which includes diesel, fell by 1 million barrels, DOE said in its weekly report.