Oil Prices Down 13 Percent from October High

New York, NY, Dec. 10, 2009–Oil prices have fallen about 13 percent since reaching its 2009 high of $82 a barrel in October.

Prices hovered below $71 a barrel Thursday in Asia amid evidence that U.S. crude demand isn’t improving.

Benchmark crude for January delivery was up 18 cents to $70.85 at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract dropped $1.95 to settle at $70.67 on Wednesday.

On Wednesday, the Energy Department’s Energy Information Administration said U.S. consumption of petroleum products fell to its lowest level since the week of July 10.