Covering The Economy

Oct 22, 2012 10:04 PM

Oil Falls Below $90; Pump Prices Continue To Drop

The price of oil is falling Monday, tracking the small declines in U.S. stocks.

Benchmark oil fell 60 cents to $89.45 a barrel in midday trading in New York. The contract fell $2.05 to end at $90.05 per barrel on Friday.

U.S. drivers are finally seeing relief at the gas pump. The nationwide average for a gallon of gas fell nearly 5 cents over the weekend to $3.665. That's the lowest price since early August.

In London Brent crude fell 28 cents to $109.86 on the ICE Futures exchange.

U.S. stock markets are slightly lower as investors gear up for another week of earnings. Caterpillar, the world's biggest maker of construction and mining equipment, said it doesn't expect the global economy to improve until the second half of next year.

(Copyright 2012 The Associated Press. All rights reserved.)

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