Oil falls amid concerns about global economy

By: Associated Press Email
By: Associated Press Email

The price of oil fell Tuesday as investors weighed positive U.S. economic news against ongoing concerns about Europe.

Benchmark oil dropped 59 cents to end at $91.89 per barrel in New York. Brent crude, which is used to price international varieties of oil, fell 62 cents to $111.57 per barrel in London.

CoreLogic, a private real estate data provider, says a measure of U.S. home prices jumped 4.6 percent in August compared with a year ago. That's the largest year-over-year increase in more than six years. The new data provides more evidence that the housing market continues to improve.

But investors remain concerned about Europe's ongoing financial crisis after Spain's prime minister said a request for bailout funding isn't imminent.

Slower growth in China, which is a huge importer of oil, has also kept a lid on oil prices. Slower growth can cut demand for oil and other energy products.

At the pump, the national average for gasoline was unchanged at $3.78 per gallon, according to AAA, Wright Express and the Oil Price Information Service. That's about a nickel less than a month ago but still nearly 36 cents more than a year ago.

In other energy futures trading:

- The price of natural gas rose 5.1 cents to end at $3.531 per 1,000 cubic feet, which was a high for the year. The price is 85 percent above the low for the year of $1.91 reached in April.

- Heating oil fell 1.03 cents to finish at $3.1255 per gallon.

- Wholesale gasoline dropped 5.09 cents to end at $2.8692 per gallon.

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