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Oil falls for fifth day, down 2 percent

Oil falls for fifth day, down 2 percent

The price of oil is down an additional 2 percent as signs of global economic weakness raise concerns about energy demand.
Oil has fallen every day since May 1. The price of benchmark U.S. crude has dropped by 6.7 percent in that time, while Brent crude has declined 5.4 percent.
On Tuesday, benchmark U.S. crude lost $2.31, or 2.3 percent, to $95.63 per barrel in New York. Brent crude lost $2.32, or 2 percent, to $110.84 per barrel in London.
Prices have declined on disappointing jobs numbers in the U.S. and elections in France and Greece that put Europe's austerity program in jeopardy. Analysts say benchmark crude could hit $90 by Labor Day.
Meanwhile, the U.S. average for gas is now $3.76, down 17.2 cents per gallon since early April.


Updated : 2021-10-25 15:43 GMT+08:00