Oil Falls to Lowest Level Since July

From Bloomberg

By Sandy Shore

The price of oil tumbled nearly 5 percent Wednesday, its biggest decline of the year, as traders shifted their focus back to the struggles of the global economy.

Benchmark oil fell $4.27 to finish at $84.44 per barrel in New York. It was the lowest price since July 10.

Hours after President Barack Obama won re-election, concerns about global economic growth re-emerged to dominate the oil market.

European leaders offered more warnings about the region’s economy, which has been saddled with a debt crisis for more than three years.

The European Union’s executive arm predicted economic growth across the 27-country region would shrink 0.3 percent this year. In the 17 countries that use the euro, growth was expected to contract 0.4 percent. Unemployment is predicted to remain high into 2014.

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