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Oil Prices Fall on Globel Economic Concerns

David McNew/Getty Images

Oil is dropping after a bailout of Spain’s banks has done little to ease doubts about a long-term solution for Europe’s financial crisis.

Benchmark oil fell 75 cents to $83.35 per barrel Monday in New York. Brent crude dropped 38 cents to $99.09 in London.

European countries have agreed to lend Spain up to $125 billion to help its troubled banking system. But traders remain worried that Europe’s larger financial problems will hurt demand for oil.

Some of the price decline is being tempered after China said that it imported nearly 6 million barrels of crude per day in May. That’s up 10 percent from April.

Meanwhile, AAA says the national average for gasoline fell less than a penny overnight to $3.54 a gallon.

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