Crude Oil Futures Fall to $70 a Barrel

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rude oil fell $1.89 to close at $70 a barrel on the New York Mercantile Exchange, Bloomberg reported Thursday.

The end of the summer driving season and news of a slowing economy contributed to the 2.6% decline, Bloomberg said. The price is the lowest since June.

A cease fire earlier this week between Israeli and Hezbollah forces helped ease supply concerns in the Middle East. Worries that the fighting might spread to neighboring oil-producing regions caused prices to soar to a record $78.40 a barrel on July 14, Bloomberg reported.

Meanwhile, BP placed orders with U.S. Steel Corp. and V&M Star for piping to replace the corroded lines that prompted a shutdown at the oil giant’s Prudhoe Bay oil field in Alaska last week, according to Bloomberg.

BP continues to operate the western half of the field, which is producing about 150,000 barrels a day. The field ordinarily produces about 400,000 barrels, or 8% of the country’s domestic output. (Click here for previous coverage.)