News Summary: Oil slides to lowest since July

News Summary: Oil has its biggest drop of the year as economic woes return; metals fall

Associated Press

OIL SLICK: Crude oil plunged nearly 5 percent, its biggest drop of the year, as traders turned their focus back to problems facing Europe and the U.S. now that the election is over.

HOW BAD: Oil dropped $4.27 to finish at $84.44 a barrel, the lowest since July. Other energy futures also fell. Heating oil dropped 3 percent and wholesale gasoline fell 4 percent.

ON THE HORIZON: In the U.S., traders worry that a divided government may not be able to avoid deep spending cuts and tax hikes in 2013 that will go into effect unless Congress acts to cut the budget deficit. In Europe, leaders slashed their economic forecasts for next year.

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