Oil Prices Continue Downward Trend

New York, NY, May 30, 2012 -- Oil prices fell below $90 a barrel Wednesday on concerns over European financial turmoil.

Benchmark oil for July delivery was down $0.84 to $89.92 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange.

Brent crude for July delivery was down $0.76 at $105.92 per barrel in London.

Crude has falled 15% from four weeks ago.