Oil Drops Most in Eight Weeks September 18, 2012 Oil declined the most in eight weeks after dropping $2.67 a barrel in six minutes during the last 30 minutes of floor trading. Crude for October delivery fell $2.38, or 2.4%, to settle at $96.62 a barrel on the New York Mercantile Exchange. The price fell to $94.65 at 2:09 p.m. from $97.32 at 2:03 p.m. on a surge in volume. The daily decline was the largest since July 23. Brent for November settlement fell $3.66, or 3.1%, to $113 a barrel on the London-based ICE Futures Europe exchange.