LONDON --- News about a slowing economy prompted oil prices to drop by more than two dollars in afternoon trading today, reported Thomson Financial. This afternoon, New York's WTI crude for February delivery dropped $2.48 to $95.21 per barrel, retreating further from last Thursday's historic high of $100.09 per barrel. Factors contributing to last Thursday's high included declining oil inventories, rising demand in developing countries, and geopolitical tensions that pose a threat to supplies. But since then, concerns about the global economy have changed the price trend. Data released last Friday confirmed that unemployment in the U.S. has risen to 5 percent, and job creation has slowed considerably.

Originally posted on Fleet Financials