Oil dips below $80 for first time in 2 years

The West Texas Intermediate (WTI) crude oil benchmark dipped below $80 a barrel Thursday for the first time in more than two years.

WTI crude traded at $79.78 Thursday morning on the New York Mercantile Exchange, the first time it went under $80 since June 2012, according to Reuters.

{mosads}Brent crude, another international benchmark, fell to $82.60 Thursday, losing more than 28 percent since June. It was near a four-year low.

Reuters attributed the low prices to indicators that the economy might be slowing, along with news that China’s inflation is near five-year lows, and U.S. producer prices dropped for the first time in more than a year.

The low prices are also coming amid reports that the Organization of the Petroleum Exporting Countries is unlikely to cut production in an attempt to raise prices.

Meanwhile, the International Energy Agency this week slashed its forecast for oil demand growth.

Gasoline prices usually lag oil’s changes, but gas prices has also been seeing historic lows. AAA reported yesterday that gas prices are at their lowest average since 2011.