Oil Futures Drop Below $80 for First Time in Eight Months

Oil in New York tumbled below $80 a barrel and Brent crude fell under $90 as reports signaling a global economic slowdown added to concern that demand will slow amid rising supplies.

Futures dropped 4 percent, the most this year, as manufacturing slumped in the U.S., China and Europe, applications for U.S. unemployment benefits exceeded estimates and sales of existing homes were lower than expected. Oil stockpiles rose last week to the most since 1990, the Energy Department reported yesterday.