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Oil drops on Spanish debt downgrade
Oil falls on more worries about European debt; US gasoline drops 3 cents over holiday weekend
By The Associated Press

NEW YORK (AP) ' The price of oil is falling on continued worries about European debt.

Benchmark U.S. crude lost 25 cents to $90.61 per barrel in New York at midday, after topping $92 earlier. Brent crude lost 58 cents to $106.53 per barrel in London.

Oil reversed course and dropped more than 2 percent after ratings agency Egan Jones downgraded Spain's debt. The downgrade warned that widespread unemployment and a contracting economy will make it tough for Spain to repay its debts.

Analysts say Spain and other weak European economies could drag the European Union into recession this year. That could impact neighboring regions and slow down global demand for oil.

Meanwhile, U.S. gasoline prices fell by 3 cents over the Memorial Day weekend to $3.64 per gallon.

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