Global oil prices fell Wednesday October 24, 2012, with New York crude hitting the lowest level since July, as surging US crude stocks and weak European economic data sparked fresh demand concerns, analysts said.

New York's main contract, light sweet crude for December, sank as low as $85.22 -- the lowest point since July 12. It later stood at $85.42, which marked a large drop of $1.25 from Tuesday's closing level.

Brent North Sea crude for delivery in December dropped 68 cents to $107.57 per barrel in late afternoon London deals. Read more »

Oil prices wavered between small gains and losses Tuesday October 16, 2012, as traders mulled mixed data about the nation's slowly recovering economy.

The Labor Department said the consumer price index rose 0.6 percent last month, the same as in August, with inflation still in check.

Meanwhile the Federal Reserve said industrial production was barely higher last month, and factory output showed a decline in the July-September quarter. Weak activity in the nation's manufacturing sector generally means less demand for oil. Read more »

Oil prices rose Thursday October 4, 2012 after positive U.S. economic reports offset some of the pessimism about global growth prospects.
 
Benchmark oil for November delivery was up 20 cents to $88.33 per barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. On Wednesday, oil fell $3.75, or 4.1 percent, to $88.14 per barrel in New York. That was the biggest decline since May 4.
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Worries about weaker economic growth dragged down oil prices Monday Sept 24, 2012.

Oil has now fallen five of the last six trading days. It fell more than 6 percent last week.

Benchmark crude fell 96 cents, or 1 percent, to finish at $91.93 on the New York Mercantile Exchange. Prices for other petroleum products dropped, too.

In London, Brent crude dropped $1.61 at $109.81 on the ICE Futures exchange. Read more »