Friday, May 4, 2012
Oil is now below $100 per barrel following a disappointing U.S. jobs report and warnings of a weakening world economy.
It's the first time oil has dropped below $100 since February 13. Benchmark crude hit $99.99 in morning trading.
Prices are falling as Western nations plan talks with Iran over its nuclear program, easing fears of a protracted standoff in the Middle East.
Economists are also increasingly focused on weakening oil demand. American oil consumption has dropped 5.3 percent in the first quarter. World oil supplies are also growing.
Oil has crossed the $100 mark 21 times during the past year. It rose as high as $113.93 per barrel last April and fell as low as $75.67 per barrel on Oct. 4.