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2014-10-16 21:35:00

OIL PRICES DROP

OIL PRICES DROP

Oil prices posted their biggest one-day drop in nearly two years Tuesday as a U.S.-led wave of crude has crashed into weak global demand, threatening the stability of some countries and providing an economic lifeline to others.

Tuesday's slide of 4.5% by U.S. crude oil to $81.84 a barrel on the New York Mercantile Exchange left the price down 20% since the start of June. That was the lowest closing price since June 2012, and some analysts predict the price will fall as much as $10 a barrel lower.

The same factors that sank prices Tuesday are behind oil's four-month tumble, which is pressuring countries from…

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Tags: OIL, BRENT, BARREL, PRICE
Chronicle:
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U.S. OIL PRODUCTION 12.1 MBD
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