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Oil price tumbles on weak economy

The Associated Press - Jun 8, 2012

The price of oil fell below $83 Friday on the prospect of weak economic growth with no immediate assistance from the U.S Federal Reserve.

U.S. benchmark crude fell $1.93 to $82.89 per barrel in midday trading in New York. The last time oil closed below $83 was in early October of 2011. Brent crude, which is used to make gasoline in much of the U.S., fell 2 percent to $97.91.

Global economic growth is weakening. Europe remains mired in a debt crisis and growth in the U.S. and China has slowed. That reduces demand for oil to make fuels for shippers and travelers.

Oil prices had risen off recent lows on hopes that Federal Reserve Chairman Ben Bernanke would unveil a plan to stimulate the U.S. economy, which would lower the value of the dollar and provide investors with cheap money to buy oil and other assets.

But Bernanke told Congress Thursday that no plan was imminent. That sent the value of the dollar higher, making oil look more expensive to foreign buyers.

Read Full Article from The Associated Press

- Posted: 2012-06-08 12:08:02


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