Oil Falls to Two-Month Low $88.14 Per Barrel

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.

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Oil Slips but Remains Near $98 a Barrel

Oil fell from a three-and-a-half month high to below $98 a barrel early Monday on concerns over Italy’s debt and easing demand in China, Bloomberg reported.

Crude futures fell to as low as $97.88 a barrel after closing Friday at $98.99 a barrel, the highest New York Mercantile Exchange closing price since late July.

Oil had earlier risen to more than $99 a barrel in electronic pre-market Nymex trading, Bloomberg said.

Gasoline has declined for the past three weeks and diesel’s national average dipped half a cent last week for the first time in a month.

The Department of Energy will release its weekly survey of filling stations Monday afternoon in Washington.

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