Oil Prices Plummet

Crude oil futures tumbled $3.31 per barrel, or 3.5%, on Wednesday on the New York Mercantile Exchange to settle at $91.98, the lowest close since Aug. 3.

Oil futures have plunged $7 per barrel on the Nymex since closing at a four-month high of $99 on Friday.

Brent crude futures traded as low as $107.40 per barrel on the ICE Future Europe exchange in London before closing down $3.84 for the day at $108.19, marking a 7.3% over the past three days.

Economic data have signaled a slowing in the global economy, which could lead to lower energy consumption, analysts say. They also cite reports that Saudi Arabia is keeping its output high to push down prices.