Oil prices sank by more than $1 a barrel Thursday following the death of al-Qaida’s leader in Iraq and on concerns of a slowdown in global economic growth, among other factors.
Word by Nigerian militants that they would release foreign hostages and an easing of world tensions over Iran contributed to Thursday’s 2 percent decline in oil prices, which dipped by a similar amount Wednesday after U.S. data showed rising crude and gasoline supplies.
Light sweet crude for July delivery fell $1.47 at $69.35 a barrel on the New York Mercantile Exchange. The last time Nymex oil futures settled below $70 was on May 24. Nymex gasoline futures fell by almost 7 cents to $2.055 a gallon. In London, July Brent crude futures on the ICE Futures exchange fell 77 cents to $68.42 a barrel.
