Oil Slips but Remains Near $98 a Barrel

Oil fell from a three-and-a-half month high to below $98 a barrel early Monday on concerns over Italy’s debt and easing demand in China, Bloomberg reported.

Crude futures fell to as low as $97.88 a barrel after closing Friday at $98.99 a barrel, the highest New York Mercantile Exchange closing price since late July.

Oil had earlier risen to more than $99 a barrel in electronic pre-market Nymex trading, Bloomberg said.

Gasoline has declined for the past three weeks and diesel’s national average dipped half a cent last week for the first time in a month.

The Department of Energy will release its weekly survey of filling stations Monday afternoon in Washington.