Oil Prices Continue Slide, to Near $94 a Barrel

Oil prices continued a downward trend Thursday, falling to near $94 a barrel just a week after broaching the $100 level for the first time, Bloomberg reported.

The downturn was due in part to concerns over slower economic growth in the United States, the president of OPEC said, Bloomberg reported.

Benchmark light sweet crude futures fell to $94.12 a barrel in pre-market electronic trading on the New York Mercantile Exchange, following Wednesday’s 66-cent drop to a $95.67 closing price, Bloomberg reported.

Oil hit $100 a barrel for the first time last Wednesday, setting a closing-price record $99.62 a barrel that day, and touched $100.09 in intraday trading last Thursday.