At a Glance: Oil plunges near $84 per barrel

The Associated Press

The price of oil plunged nearly 5 percent Wednesday, its biggest decline of the year, as traders shifted their focus back to the struggles of the global economy.

On the New York Mercantile Exchange:

Benchmark crude fell $4.27, or 4.8 percent, to finish at $84.44 per barrel.

Wholesale gasoline dropped 11 cents, or 4.1 percent, to end at $2.5889 per gallon.

Heating oil fell 9.08 cents, or 3 percent, to finish at $2.9621 per gallon.

Natural gas dropped 3.9 cents to end at $3.578 per 1,000 cubic feet.

On the ICE Futures exchange in London:

Brent crude fell $4.25, or 3.8 percent, to finish the day at $106.82 per barrel.