RTRS: U.S. crude futures drop $4 on demand concerns
NEW YORK (Reuters) - U.S. crude futures fell $4 on Wednesday as concerns about falling demand in a recession economy and slumping equities kept pressure on oil markets.
OPEC's monthly report lowering its 2009 demand view and analysts' expectations that crude and refined products supplies rose last week also added pressure on crude.
A $5 drop to $73.63 on Wednesday would put crude oil futures 50 percent below their record peak of $147.27 on July 11.
On the New York Mercantile Exchange at 11:06 a.m. EDT, November crude was down $4.01, or 5.1 percent, at $74.62 a barrel, trading from $74.57, lowest since $73.48 was struck on September 4, 2007, to $79.17.
