Oil Falls Below $102 Per Barrel
NEW YORK (AP) — Oil prices fell for a second day on more troubling signs for the world economy.
Benchmark U.S. crude dropped 61 cents to $101.84 per barrel in New York while Brent crude lost $1.23 to $121.44 per barrel in London.
Prices declined after a private survey showed that small business owners were increasingly concerned about high fuel prices. Wholesalers also reported that they restocked their shelves at a slower pace at the beginning of the year. And China said that European demand is declining for manufactured goods — one more sign that the world’s second-biggest economy continues to slow.
Those reports added to similar concerns stemming from last week’s disappointing U.S. jobs report.
Retail gasoline prices fell less than a penny overnight to a national average of $3.922 per gallon.