West Texas Intermediate crude fell below $90 for the first time in 17 months as fracking drives U.S. output to its highest in four decades. Futures dropped as much as 1.6 percent to $89.31 a barrel in , bringing the decline this year to 9.3 percent. U.S. crude output will rise next year to the highest since 1970, the Energy Information Administration forecast Sept. 9. Saudi Arabia, the world’s largest oil exporter, yesterday dropped its official selling price for crude to Asia to the lowest level since 2008. Brent crude , the European benchmark, fell 16 percent this year. The shale boom has turned the U.S. into the world’s largest producer of liquid petroleum, reducing its appetite for imports just as the pace of global demand is slowing. U.S. crude oil production rose to the highest level since 1986 last month, while OPEC output climbed to the highest in […]