Oil Declines to Seven-Month Low

Oil prices declined to a seven-month low in early trading Wednesday after Iran agreed to allow access for United Nations nuclear inspectors, Bloomberg reported.

Crude futures fell 55 cents to $91.11 a barrel in early New York Mercantile Exchange trading, after closing at $91.66 on Tuesday. Friday’s closing price, $91.48, was the lowest since Oct. 26.

Oil has held in the $90s for the past two weeks, after sliding steadily from the Feb. 24 closing price of $109.77 per barrel, a 10-month high. Crude has dropped more than $14 in the past three weeks.

Diesel pump prices fell below $4 last week for the first time since Feb. 20, the Department of Energy said Monday.