NEW YORK — The price of oil hit an eight-month low Thursday as hopes dimmed for a solution to Europe’s debt crisis. Benchmark US crude lost $2.52, or 3.1 percent, to end at $77.69 per barrel, the lowest price since Oct. 4.
Brent crude, used to price oil imported by the United States, fell $2.14 to finish at $91.36 per barrel in London.
Declining oil prices hold the promise of lower pump prices for drivers. The nationwide average has dropped nearly 57 cents in less than three months and is now $3.369 per gallon. Gas hasn’t been this cheap since Jan. 7. Oil has dropped about 25 percent since May 1.
Natural gas futures fell 2.7 percent as a report showed US supplies remain high. The Energy Information Administration said supplies grew by 57 billion cubic feet to about 3.06 trillion cubic feet last week. That is more than the 51 billion to 55 billion cubic feet that analysts were predicting.