The price of a barrel of oil slid below $72 Wednesday as continued bleak economic news and data continues to dampen consumer demand.
The slowdown in consumption has caused the Organization of Petroleum Exporting Countries to cut its estimates in demand growth both for this year and next, Agence France Presse reported.
Brent North Sea crude for November delivery fell to $71.60 a barrel -- the lowest level since August 2007 -- before recovering to $72.41, down $2.12 compared to Tuesday's close.
