NEW YORK (AP) — Oil dropped to about $93 per barrel for the first time since February as the European financial crisis kept investors on edge about the international banking industry and the prospects for global economic growth this year.
Benchmark West Texas Intermediate crude for July delivery lost $1.94, or 2 percent, to settle at $93.01 per barrel on the New York Mercantile Exchange. Oil has retreated about 6 percent this week. In London Brent crude, which is used to price many international oil varieties, declined 81 cents to settle at $113.21 per barrel on the ICE Futures exchange.
"There's still a case for fairly lofty prices later this year, but right now, there's not …
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