Crude oil fell nearly $2 on Thursday on concern whether yesterday's plan by central banks around the world to lend more money to commercial banks would do enough to prevent an economic slowdown.
Crude oil for January delivery fell $2.14 or 2.3 percent, to $92.25 a barrel at 3:03 p.m. on the New York Mercantile Exchange. Brent crude for January declined $1.90 or 2 percent to $92.12 a barrel on London's ICE Futures Europe exchange.
Wednesday, oil rose more than $4 when the U.S. Federal Reserve and other world central banks took action to facilitate credit conditions. The move boosted stock markets and gold prices as well as oil.
However sentiment changed Thursday on investors' worries over the economic health of the U.S., the world's top consumer of oil. Economic troubles could lessen demand for oil.
On November 21, oil reached a record high of$99.29. Since then, oil has fallen mainly on speculation that the U.S. economy might fall into a recession.