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Oil Falls On Lingering Concerns About Europe

David McNew/Getty Images

NEW YORK (AP) — The price of oil is falling as Spain’s banking crisis adds to concerns about the weak European economy.

Benchmark U.S. crude on Monday fell by $1.26 to $78.50 per barrel in New York. Brent crude lost 56 cents to $90.42 per barrel in London.

Prices fell after Spain asked for a loan to support banks following a collapse in its real estate sector.

Tropical Storm Debby also appeared to be shifting away from the heart of America’s oil production in the Gulf of Mexico, reducing the chances for a sustained disruption in U.S. supplies.

At the pump, U.S. retail gasoline prices fell by 4 cents over the weekend to a national average of $3.41 per gallon. Experts say gas could fall by another 11 cents by the Fourth of July.

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