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Oil Trades Near Four-Day Low
Oil fell to near a three-day low in early trading Monday after a report on projected lower demand in China, Bloomberg reported.
Crude futures slipped to $106.65 a barrel on the New York Mercantile Exchange, down a nickel from Friday’s closing price, Bloomberg said.
It was the lowest compared with closing prices since last Tuesday’s $106.55 a barrel. Oil fell more than $2 on Friday after surging in the last two weeks of February.
Last Thursday’s closing price was the second-highest since early May, after the Feb. 24 price of $109.77, according to Bloomberg Nymex figures.
Diesel and gasoline prices jumped by 9 and 13 cents, respectively, last week, pushing diesel past $4 a gallon for the first time ever in the month of February.
The Department of Energy will release its weekly survey of filling stations Monday afternoon in Washington.
