Oil Prices Plunge Below $92 per Barrel

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 plummeted $7 per barrel since closing at a four-month high of $99 on Friday. 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.

Crude futures dropped Wednesday when the U.S. Energy Information Administration reported that available supplies of crude rose sharply last week. Inventories were more than 8% higher than a year earlier.

U.S. gasoline prices have stabilized in the past week after surging 17 cents per gallon since mid-August, according to the AAA Daily Fuel Gauge Report. The average pump price is now $3.85 per gallon nationwide.