Oil Prices Hit Low Point for 2010

New York, NY, May 18, 2010–Oil prices on Monday fell to their point this year and are now down about 20% in just two weeks.

There is fear that economic weakness in Europe could spread to the U.S. and hurt the global recovery.

Crude hit an 18-month high of $87.15 a barrel during trading on May 3. It settled Monday at $70.08 after dipping as low as $69.27. The plunge is similar to the fall from mid-January to early February when prices fell from $84.95 to $69.50 per barrel.