The price of crude oil for future delivery dropped as low as $47.75 in New York. That is the lowest price in six weeks, and a sharp decline from the record $55.67 set late last month.
Hurricane damage hurt some key U.S. oil producers, and tight supplies had helped push up prices.
But analysts say a combination of repairs and increased imports are filling the gap.
We will get a clearer picture of oil supplies on Wednesday at 10:30 AM when the U.S. Energy Department releases its weekly oil inventory figures.Some of this information provided by AFP, AP, Bloomberg and Reuters.