Oil price drops near $86 on global growth concerns

NEW YORK -- Oil is falling to three-month lows as big corporations around the globe cut earnings forecasts, raising concerns about economic growth and oil demand.

Benchmark oil is down $2.46, or 2.8 percent, to $86.19 in New York. It's lost about 6 percent in the past three trading sessions.

3M Co., with products ranging from Scotch tape to traffic sign coatings, and Posco, the big Korean steel maker, were among the major companies that cut forecasts because of weak economic growth in China and Europe. That gloominess sent most global stock markets sharply lower.

Brent crude fell $1.87, or 1.7 percent, to $107.57 in London.

U.S. drivers at least might feel better at the gas pump. The national average for gasoline fell for a 12th straight day, to $3.65 a gallon.