The rout in oil futures took another leg lower Thursday, with the U.S benchmark temporarily dropping below $75 a barrel for the first time in four years on persistent worries over a growing oil glut. Nymex December WTI oil futures traded at $75.20 a barrel in recent action, down $1.98, after trading as low as $74.96. That's the lowest level for a most-active contract since Sept. 2010, according to FactSet. The Energy Information Administration on Thursday said the U.S. pumped 9.06 million barrels of oil a day in the week ended Nov. 7. That's the highest level in more than 30 years, according to The Wall Street Journal. Traders appeared to focus on production, overlooking an unexpected decline in weekly crude supplies.
Copyright © 2014 MarketWatch, Inc.
Continue Reading Below