Crude oil futures fell more than $4 a barrel to $134.34 a barrel at 11:25 a.m. on the New York Mercantile Exchange. Prices are heading for the biggest two-day drop since January 2007. Oil prices plummeted Wednesday, bringing a two-day selloff to about $11 a barrel, after the government's weekly inventory report suggested that record high gasoline prices may be reducing the nation's energy consumption. Oil traded at $137.53 a barrel before the release of the report at 10:35 a.m. in Washington. in New York after a surprise increase in U.S. inventories and as a slowing U.S. economy sapped demand for energy.
July 17, 2008