LATEST NEWS
Top Stories
U.S.
World
Business
Technology
Sports
World Cup
Entertainment
Health
Politics
Offbeat
Weather
Advertisement


Nov 13, 1:51 PM EST

Price of oil takes another sharp drop

Business Video

Interactives
Brazil drills deep into ocean for oil
History's impact on oil prices
Latest News
As OPEC faces tough test, lower oil prices loom

Guessing game: What are OPEC nations thinking?

Venezuela's Maduro says oil price meeting planned

Can low oil prices be good for the environment?

Buy AP Photo Reprints
Interactives
Producers Tap Old Wells in Search of Oil

The price of oil took another sharp tumble Thursday as it appeared increasingly unlikely that OPEC members will cut production to staunch a plunge in prices that is entering its fifth month.

Benchmark U.S. crude was down 2.5 percent to $75.30 Thursday afternoon. It is down 30 percent since late June to its lowest level since September of 2010.

Brent crude, a benchmark for international crudes that is closely correlated with the price of gasoline in the U.S., was down $2 to $78.38, also its lowest level in four years.

Global supplies are ample and demand for crude weak. But based on recent statements from members of OPEC, which is meeting later this month, the cartel seems unlikely to cut production in an effort to stem the drop in prices.

© 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Learn more about our Privacy Policy and Terms of Use.

SPECIAL SECTIONS
Hourly News Summary
(AUDIO)
Video of the Day
The Day in Photos
PhotoWeek
SportsWeek
MULTIMEDIA
Mideast in Depth
Yucca Mountain
Obesity in America
Where The Towers Stood
Red Planet Rising
Wildfires
Advertisement
   

Copyright 2002 Associated Press. All rights reserved.
This material may not be published, broadcast, rewritten or redistributed.
Comments and questions