Crude oil falls on slowing U.S. consumption

Bloomberg reports that oil plunged on concern that poor U.S. economic growth will reduce demand.

The market news is quoted as saying:

The IEA announced the release of 2 million barrels a day for 30 days yesterday to make up for supplies choked off by an armed rebellion in Libya. The U.S. Strategic Petroleum Reserve will provide 30 million barrels, European members will supply about 20 million and Asian nations the remainder.