Oil Falls to Eight-Month Low of $82.70

The Wall Street Journal reported that despite the approaching implementation of sanctions on Iran, signs that there is enough oil to meet demand has caused oil prices to drop to their lowest level since October 2011.

As quoted in the market news:

Light, sweet crude oil for July delivery on the New York Mercantile Exchange settled down 1.7%, or $1.40, at $82.70 a barrel, the lowest level since Oct. 6, 2011.

July ICE Brent crude oil settled down 1.5%, or $1.47, at $98 a barrel, the lowest level since Jan. 27, 2011.

Click here to read the full report from The Wall Street Journal.