Accessibility links

Breaking News
News

Oil Prices Drop on Recession Fears


Crude oil prices have fallen to their lowest level in three months, on concerns that the U.S. economy may be entering a recession which will lessen the demand for energy.

Prices for March delivery fell $2.22, or 2.5 percent, settling at $86.99 a barrel at the end of Wednesday's trading on the New York Mercantile Exchange.

Overall, oil prices have dropped about 13 percent since hitting a record high over $100 a barrel on January 9.

Investors will get a look at U.S. oil and gasoline supply levels Thursday, when the U.S. Energy Department releases its weekly inventory report.

Some information for this report was provided by AFP and AP.

XS
SM
MD
LG