NEW YORK (Reuters) - Brent crude oil dropped more than 2 percent to hit an 18-month low close to $90 per barrel on Thursday, as weak economic data from China and the United States darkened the global growth outlook and pointed to lower prospects for oil demand.
In London, Brent futures for August delivery were down $1.92 at $90.77 a barrel by 11:45 a.m. EDT. They slipped earlier to $90.30, the lowest level since December 2010.
U.S. August crude was down $1.70 at $79.75 a barrel, after hitting an eight-month low of $79.25.
"Supply is outstripping demand and whatever other data you see out there won't change that," said Dominick Chrichella, senior partner at the Energy Management Institute in New York. Full story
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