MD: Oil price falls on weak global economy, no stimulus from the Fed
NEW YORK, N.Y. - The price of oil was lower on the prospect of weak economic growth with no immediate assistance from the U.S Federal Reserve.
U.S. benchmark crude fell $1.52 to $83.30 in morning trading, after earlier dropping below the $83 mark.
The last time oil closed below $83 was in early October of last year.
Global economic growth is weakening. Europe remains mired in a debt crisis and growth in the U.S. and China has slowed. That reduces demand for oil to make fuels for shippers and travellers.
Oil prices had risen off recent lows on hopes that Federal Reserve Chairman Ben Bernanke would unveil a plan to stimulate the U.S. economy. But he told Congress Thursday that no plan was imminent.
