Crude Slips Below $90/Barrel for First Time Since 2013 (USO) (OIL)

iPath S&P GSCI Crude Oil TR ETN (NYSE: OIL) and United States Oil ETF (NYSE: USO) are on watch Thursday as crude futures hit multimonth lows.

Market data as WTI crude below $90, the first time getting below the mark in 17 months. Futures fell 13 percent in Q3, which was the worst quarterly performance in over 2 years.

Catalysts on the drop include Saudi Arabia dropping the official selling price of its crude to the lowest level since 2008 and U.S. hydrofracking producing some of the highest output seen from the market in 40 years.

The Energy Information Administration (EIA) said last month that U.S. demand will fall to 18.92 million barrels per day this year, from 18.96 mbpd in 2013.

The IEA also trimmed its global demand by 200,000 bpd to 93.8 mbpd for 2015.

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