Oil Continues to Fall, Dropping Below $68

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Oil prices continued to fall over the weekend, dropping below $68 in pre-market trading Monday on the New York Mercantile Exchange, Bloomberg reported.

The decline was due in part to a report by the World Bank that the global recession could continue, Bloomberg said.

Benchmark light sweet crude futures fell $1.77 Friday to finish last week’s Nymex trading at $69.60 a barrel, Bloomberg said.

Oil had closed above $70 every trading day since June 9. The declines in both oil and gasoline futures were due to forecasts of rising motor fuel supplies, Bloomberg said.



The Energy Department releases its weekly survey of diesel and gasoline prices Monday afternoon in Washington.