Oil Prices Fall on Economic Concerns

Crude oil fell by almost $3 to near $95 a barrel Monday, on concerns a cooling economy will curb demand for oil and gasoline, Bloomberg reported.

Benchmark light sweet crude futures fell $2.82 to $95.09 a barrel on the New York Mercantile Exchange, Bloomberg reported.

It was the third day prices have receded since last week’s record topping of $100 a barrel.

Crude prices hit $100 in intraday trading Wednesday and topped that level Thursday, setting a intraday record of $100.09 a barrel.

Prices set a closing record on the Nymex Wednesday at $99.62 a barrel.