The price of oil has dipped below $80 a barrel for the first time since October on growing concerns about the global economy.

On the New York Mercantile Exchange:

Crude dropped by $3.25 to finish at $78.20 per barrel.

Gasoline lost 4.01 cents to finish at $2.5501 per gallon.

Heating oil lost 6.21 cents to end at $2.5253 per gallon.

Natural gas rose by 6.5 cents to end at $2.5820 per 1,000 cubic feet.

On the ICE Futures exchange in London:

Brent crude fell by $3.46 to end the day at $89.23 per barrel.