NEW YORK — The price of fell to near $93 today after disappointing economic growth figures in Europe, with the 17-country eurozone languishing in its longest recession to date.
By early afternoon in Europe, benchmark oil for June delivery was down 94 cents to $93.27 a barrel in electronic trading on the New York Mercantile Exchange.
New figures released today showed the eurozone’s economy continued to contract in the first quarter, keeping it in recession for a sixth consecutive quarter. Although Germany avoided recession, its 0.1 percent quarterly growth was weak, while France fell into recession.
Oil prices have also been under pressure since the International Energy Agency on Tuesday raised its forecast for U.S. oil production while cutting its prediction for global crude demand.