Bloomberg reported that West Texas Intermediate oil fell to a 7-week low as initial election data in Italy increased concerns that the euro-zone crisis may worsen.

As quoted in the market news:

Prices dropped as much as 1.1 percent as U.S. stocks tumbled and the euro weakened against the dollar. Early election results showed Italy may be left with a divided parliament, spurring concern that renewed turmoil in European markets will crimp global growth.

Click here to read the full Bloomberg report.