Oil Falls From Highest Level in 16 Months on Weak Home Sales
Oil prices fell from a 16-month high Monday on reports of weaker existing home sales, Bloomberg News reported.
Crude futures fell 80 cents to $107.25 a barrel by mid-morning Monday on the New York Mercantile Exchange, Bloomberg reported.
Oil settled at $108.05 Friday , the highest closing price since March 2012, Bloomberg reported.
The National Association of Realtors said Monday that existing home sales fell 1.2% to a 5.08 million rate, lower than economists had forecast, Bloomberg reported.
The Department of Energy will release its weekly survey of diesel and gasoline pump prices Monday afternoon in Washington.
