Oil near 2012 low, closes at $91.66

Oil   Oil
By Chris Kahn on May 22, 2012

NEW YORK (AP) — Oil prices dropped near their lows for the year Tuesday following warnings of a "severe recession" in Europe and an apparent easing of tensions over Iran's nuclear program.

Benchmark U.S. crude lost 91 cents to end the day at $91.66 per barrel in New York while Brent crude fell by 40 cents to end at $108.41 per barrel in London. Both contracts hit a low for 2012 on Friday at $91.48 and $107.14, respectively.

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