Oil Prices Tumble to Seven-Month Low

Crude oil futures dropped $1.76 per barrel on Wednesday on the New York Mercantile Exchange to settle at $89.90, the lowest close since Oct. 21.

Analysts attribute the decline to the U.S. Energy Information Administration's report that America's crude supplies rose to a 22-year high last week. They say traders also worry that Europe's debt crisis will result in weaker energy demand. The European Union is bracing itself for the possibility that Greece might soon leave the EU, a move that could weaken the region's economy.

The average U.S. price of gasoline has fallen five cents in the past week to $3.68 per gallon, according to the AAA Daily Fuel Gauge Report. Pump prices nationwide have fallen 18 cents from a month ago.