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Oil below $87 after OECD cuts growth forecasts

By Pamela Sampson
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BANGKOK (AP) — The price of oil fell below $87 a barrel Wednesday after the Organization for Economic Cooperation and Development cut its growth outlook for the U.S. and the 17 countries that use the euro currency.

Benchmark oil for January delivery was down 23 cents to $86.96 per barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract fell 56 cents to finish at $87.18 a barrel on the Nymex on Tuesday.

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