Oil Falls Following Friday’s $7 Surge

Oil fell more than $1 in early trading Monday after jumping more than $7 on Friday to finish last week near $85 a barrel, Bloomberg reported.

Crude futures fell to $83.62 on the New York Mercantile Exchange, after jumping $7.27 on Friday to $84.96 a barrel, Bloomberg said.

Friday’s gain was the largest percentage gain since March 2009, the Wall Street Journal reported.

Oil had closed at $77.69 a barrel on Thursday, which was the lowest closing price since early October, according to Bloomberg Nymex figures.

Diesel and gasoline and prices have declined steadily for the past three months along with along with falling crude prices, according to the Department of Energy.

DOE will release its weekly survey of fuel prices Monday afternoon in Washington.