Frank Polich/Bloomberg News
Oil fell to less than $89 a barrel — a two-month low — following a Department of Energy report that showed crude output rose to an almost 16-year high last week, Bloomberg reported.
Crude futures fell $3.75 to finish at $88.14 a barrel on the New York Mercantile Exchange following the DOE report, Bloomberg said.
DOE said crude output rose by 11,000 barrels a day to 6.52 million bbd last week, the most since December 1996.
Fuel demand slipped 0.3% to 18.3 million bbd in the four weeks ended Sept. 28, the lowest level since April, the department said in its weekly inventories report.
With the exception of last Wednesday, when it closed at $89.98, oil has not finished a Nymex trading day below $90 a barrel since Aug. 2.