Published November 3, 2014 3:06pm EST | Updated January 8, 2015 2:47pm EST

Oil Closes Below $79 a Barrel

Nymex December crude oil futures fell $1.76, or 2.2%, to close at $78.78 a barrel, the lowest finish for a most-active futures contract since June 2012. Oil remained under pressure due to a strong dollar, growing oil supplies and concerns about global demand.