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Oil Price Drops Below $100 Per Barrel

The price of oil has fallen more than eight percent, to below $100 per barrel, following the release of data that has cast new doubt about the strength of the global economic recovery.

Oil fell $9.44, or 8.6 percent, to settle at $99.80 per barrel on May 5 on the New York Mercantile Exchange.

The decline brings this week's drop in the price of oil to more than $14 per barrel, or more than 12 percent.

Fresh concerns about the strength of the economic recovery have been raised after the U.S. Labor Department said applications in the U.S. for unemployment benefits had risen to the highest level in eight months.

This has raised concerns that consumers may be cutting back on spending because of higher costs for energy, food and raw materials.

compiled from agency reports