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Oil falls below US$94

Published:Wednesday | May 16, 2012 | 12:00 AM

The price of oil dropped to a six-month low Tuesday on concern that economic uncertainty in Europe could hurt demand for crude.

Benchmark West Texas Intermediate crude fell 80 cents to end the day at US$93.98 per barrel in New York. Oil hasn't finished this low since December 19.

Oil has fallen 11 per cent so far in May. Recent signs of global economic weakness in Europe and elsewhere have raised questions about the strength of energy demand.

In other futures trading, heating oil added less than a penny to end at US$2.933 per gallon, while wholesale gasolene lost 1.49 cents to finish at US$2.9441 per gallon. Natural gas rose by 6.9 cents to US$2.50 per 1,000 cubic feet.

Brent crude, which is used to set the price of oil imported by United States refineries, added 45 cents to finish at US$111.45 per barrel in London.