Oil Falls Below $80

Oil dropped $2.77 Wednesday to close the day at a seven-week low on concerns about Greece’s financial crisis and the U.S. crude inventory, Bloomberg said.

Crude futures fell to $79.97 a barrel on the New York Mercantile Exchange, the lowest settlement since March 15.

U.S. oil stockpiles rose 2.76 million barrels last week to the highest level since June, the Department of Energy said Wednesday.

The financial crisis in Greece caused the euro to drop in value to $1.2823, Bloomberg said. It reached a recent high of $1.5136 on November 25.

Oil reached an 18-month high of $86.84 on Friday.