Oil Drops to Lowest Price Since 2010

CBS News reported that the benchmark price inched down below $78 per barrel to the lowest level in more than a year.

The market news is quoted as saying:

Investors are concerned about a pair of recent announcements that point to weaker demand and even lower energy prices this year. Greece, at the center of the European debt crisis, said over the weekend that it will miss its lower spending targets despite severe cost-cutting. And China’s manufacturing sector appeared to cool off in September.

“We’re also at a lull in the market” after the summer driving season, independent analyst Stephen Schork said. “This is when you tend to see weakness” in oil prices.

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