Oil Holds Near $71 a Barrel

Oil held near $71 a barrel early Monday, following a big drop Friday, on concerns that Europe’s debt crisis could keep demand low, Bloomberg reported.

Light sweet crude futures fell $3.10 Friday to finish the trading week at $71.51 on the New York Mercantile Exchange, the lowest price in more than a week.

Oil was trading at about $71.40 in early trading Monday as the euro declined against the dollar and traders said the global economic rebound faced challenges, Bloomberg reported.

Prices in May slipped below $80 a barrel after trading above that level in April — peaking at an 18-month high over $86 — though some economists forecast higher prices later this year, Bloomberg said.

The Department of Energy comes out with its weekly survey of diesel and gasoline pump prices Monday afternoon in Washington.