Oil Falls Below $98 a Barrel
Oil fell almost $2 in early trading Monday to below $98 a barrel on speculation that a cooling U.S. economy will lower fuel demand, Bloomberg reported.
The decline in crude futures was the first in three days, Bloomberg said.
Oil closed below $100 a barrel on the New York Mercantile Exchange for the last three days of last week and in five of the past seven sessions.
Oil hit a two-and-a-half year high of $113.93 a barrel in late April, the highest Nymex closing price since Sept. 22, 2008, Bloomberg figures showed.
The Department of Energy will release its weekly survey of diesel and gasoline pump prices Monday afternoon in Washington.
