MarketWatch reported that crude oil prices are down 3 percent, to $95.44, in New York. The drop marks the steepest one-day fall in the energy fuel since November 2012. Pushing oil down was a US dollar that has been gaining strength, combined with increased production out of Libya.
According to the report, Darin Newsom, senior analyst at DTN, said:
On a longer-term basis, there is general bearishness around oil as supplies remain plentiful and demand hasn’t returned to pre-financial crisis levels.