Futures on West Texas Intermediate oil, the U.S. benchmark, closed below $79 a barrel for the first time since June 2012. Oil prices remain under pressure from a stronger U.S. dollar and fears Saudi Arabia could announce another price cut.On the New York Mercantile Exchange, light, sweet crude futures for delivery in December CLZ4, -0.56% dropped $1.76, or 2.2%, to close at $78.78 a barrel, the lowest finish for a nearby futures contract since June 28, 2012.
December Brent crude LCOZ4, -0.54% on London’s ICE Futures exchange fell $1.58 to $84.28 a barrel. Brent crude is widely seen as the global oil benchmark.
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