The price of oil dropped below $90 per barrel Wednesday, the latest milestone in a weekslong decline brought on by uncertainty surrounding economies from Europe to China.
Benchmark U.S. crude fell by $1.95 to end at $89.90 per barrel. Oil has tumbled more than 15 percent this month and is at its lowest level since Oct. 21.
Other commodities including copper and cotton fell sharply as well. Stocks markets in Asia and Europe fell sharply, while U.S. markets erased most losses with a late-day rally.
Analysts say oil is in an extended slump that should lead to cheaper gasoline and other petroleum-based fuels this summer.
The least expensive gas in the Tacoma area is still well over $4 a gallon, $4.09 at the Arco at Portland Avenue and 104th Street East.