Oil Price Drops Below $30 a Barrel
Oil drops below $30 a barrel for the first time in 12 years.
It ended the trading day just above that mark at $30.45 a barrel.
Oil has fallen more than 18 percent this year alone, and it’s only the 12th.
It is having the worst seven day market run since the financial crisis.
The latest drop is in response to China’s weakening economy and ailing stock market.
There is also concern about Iraq’s plans to export a record 3.6 million barrels of oil per day in February.