Oil Drops Below $11 a Barrel
NEW YORK — Oil prices dropped below the $11-a-barrel level today, the lowest in eight years, intensifying a plunge caused by oversupply and the failure of producers to cooperate in restraining output.
“The bottom line is, traders don’t see anything to hold back prices from falling. There’s just too much oil out there,†said analyst Peter Beutel. Contracts for May delivery of West Texas Intermediate, the benchmark U.S. crude, were selling for $10.57 a barrel in afternoon trading on the New York Mercantile Exchange.
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