The price of oil fell below $83 on the prospect of weak economic growth with no immediate assistance from the U.S Federal Reserve.
U.S. benchmark crude fell $2.24 to $82.58, a decline of 2.6 percent, in morning trading. The last time oil closed below $83 was in early October of last year.
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 of recent lows on hopes that Federal Reserve Chairman Ben Bernanke would unveil a plan to stimulate the U.S. economy. But he told Congress Thursday that no plan was imminent.
U.S. retail gasoline prices fell slightly to $3.555 per gallon.
Copyright 2016 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
KKTV firmly believes in freedom of speech for all and we are happy to provide this forum for the community to share opinions and facts. We ask that commenters keep it clean, keep it truthful, stay on topic and be responsible. Comments left here do not necessarily represent the viewpoint of KKTV 11 News.
If you believe that any of the comments on our site are inappropriate or offensive, please tell us by clicking “Report Abuse” and answering the questions that follow. We will review any reported comments promptly.powered by Disqus
Viewers with disabilities can get assistance accessing this station's FCC Public Inspection File by contacting the station with the information listed below. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, 888-835-5322 (TTY), or email@example.com.