Oil Slips Below $80 a Barrel
Oil fell to below $80 a barrel for the first time this month in early trading Wednesday as analysts said U.S. supplies were likely improving, Bloomberg reported.
Crude futures slipped more than $1 to $79.63 a barrel in pre-market New York Mercantile Exchange trading, Bloomberg said.
That followed Tuesday’s $1.73 decline to an $80.79 closing price, marking the biggest single-day drop since Dec. 9.
Oil has closed on the Nymex at more than $80 in every trading day this year. It last closed below that level on Dec. 31, when it finished at $79.36.
The Department of Energy will release its weekly inventory report for crude, gasoline and distillate inventories Wednesday. Distillates include diesel and heating oil.
