Investors' waning confidence in the economies of the U.S. and Europe helped push crude oil futures to their lowest value in eight months on Tuesday, according to Bloomberg.
Policy makers in the euro zone sent overtures they might renegotiate conditions of the bailout on which Greece is waiting. Ben Bernanke, chair of the U.S. Federal Reserve, said the body he leads has additional measures at its disposal to spur the slumping U.S. economy.
"Fears of recession are driving us lower," analyst and broker Gene McGillian with Tradition Energy in Connecticut told Bloomberg. "Until we see some positive signals [on] the economic front, the market should move lower. We now have to find the next support level, which should be near $70."
At 5:53 p.m. on Tuesday, crude oil futures increased 0.25 percent, a 25 cent climb to $101.96 per barrel.
When testifying before Congress on Tuesday, Bernanke did note the globe's biggest economy is "close to faltering," according to The Wall Street Journal. But he also said legislators in Washington share some responsibility in rectifying the situation.
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