The price of crude oil futures fell to its lowest in 150 days on Wednesday in anticipation of a U.S. Energy Department report forecast to indicate supplies of the energy commodity reached their highest since 1990, according to Bloomberg.
Oil prices are driving toward their sharpest monthly drop in more than 36 months as troubles in the euro zone also are tugging the price down. A European Commission report issued on Wednesday indicated economic confidence in the euro area dropped to its lowest in three years.
"Investors are pulling out with increasing problems in the euro zone," analyst Thina Margethe Saltvedt with Nordea Bank in Oslo told the news source. "That's pulling the market lower. The U.S. market seems to be more-than-well-supplied."
At 9:20 a.m. on Wednesday, crude oil futures fell 2.19 percent, a $2.34 loss to $104.34 per barrel.
The Wall Street Journal reports the euro's sharp losses are partially attributable to worries about debt in Spain and the nation's beleaguered banks as the monetary unit touched its lowest values against the U.S. dollar since July 2010.
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