Oil Price Tumbles On Weak Economy

By: AP
By: AP

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.

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