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Crude Oil Tumbles Below $70 a Barrel

TSC Staff

Crude oil dropped sharply Thursday, with futures ending under $70 a barrel, as petroleum stockpiles climbed and data showed dwindling demand in the U.S.

November-dated futures dropped $4.69 to $69.85 in New York and have now slid more than 50% since the all-time high that was reached in July. Oil hasn't been below $70 in more than a year.

Brent crude lost $4.48 to $66.32 a barrel. Gasoline futures declined by 16 cents to $1.62 a gallon, and heating oil fell 10 cents to $2.09 a gallon. Natural gas, however, was stronger.

Stocks in the energy sector were generally to the upside. Exxon Mobil (XOM Quote), ConocoPhillips (COP Quote) and Chevron (CVX Quote) all rose. Tesoro (TSO Quote) and Valero (VLO Quote) also advanced.

The U.S. Oil (USO Quote) ETF, which tracks crude prices, was down 2.3%.