Oil Drops to Five-Month Low Under $90 a Barrel
Oil finished the trading day Thursday at its lowest level since February, diving below $90 a barrel as equities markets plunged, Bloomberg reported.
Crude futures fell $5.30 to finish the trading day at $86.63 a barrel on the New York Mercantile Exchange — the biggest one-day drop since May 5 and the lowest settlement price since Feb. 18, Bloomberg said.
Oil prices have declined 25% since early May on concerns over Europe’s debt crisis, U.S. lawmakers’ attempts to stave off a default and global economic growth that has showed signs of slowing, Bloomberg reported.
The Dow Jones Industrial Average was down more than 500 points as the trading neared its end at 4 p.m. Eastern Time, Bloomberg said.
Prices also fell after crude stockpiles rose for the week ended last Saturday, according to Energy Department data yesterday. U.S. inventories rose 950,000 barrels to 354.9 million barrels.
