Economic slowdown weighs on oil market

Oil prices dropped below $114 a barrel as investors speculated slowing economic growth in the world's largest economies will continue to undermining global crude demand.

Europe's biggest economies -- Germany, France and Italy -- all contracted in the second quarter. Japan said this week its gross domestic product also shrank in the April-June period. The U.S. Energy Information Administration reported a bigger-than-expected drop in gasoline supplies, but also said U.S. demand for refined fuel products continues to fall.

Read this Businessweek article.