Oil Price Drops Below $97 a Barrel
NEW YORK (AP) — A weak euro is pulling oil prices down to their lowest level this month.
Benchmark crude on Wednesday fell $3.35, or 3.4 percent, to $96.79 per barrel in New York. Brent crude lost $2.59, or 2.5 percent, to $106.43 in London.
Oil tumbled as the euro dropped to the lowest level against the dollar in 11 months on fading optimism about a European Union plan to deal with the region's debt crisis.
When the euro falls, it lifts the value of the dollar. Oil is priced in dollars, and it becomes more expensive — and less attractive of an investment for foreign buyers — as the dollar rises.
Retail gasoline prices slipped half a cent to a national average of $3.264 per gallon.