Oil falls below $84 amid waning EU euphoria Associated Press Copyright 2012 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Updated 12:58 a.m., Monday, July 2, 2012 The EU said it also plans to ease borrowing costs for Italy and Spain, the third- and fourth-largest of the 17 economies that use the euro, stop mandating painful budget cuts to every country in need of emergency financial aid and tie their budgets, currency and governments more tightly. Chinese industrial production fell to a seven-month low, according to HSBC's purchasing managers' index In other energy trading, heating oil was down 3 cents at $2.68 per gallon while gasoline futures fell 2.7 cents at $2.61 per gallon.