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Oil drops below $102 per barrel on concerns of economic recovery
NEW YORK (AP) ' Oil prices are down nearly 2 percent on renewed concerns about the economic recovery.
Benchmark crude gave up $1.76 to $101.55 per barrel in New York as trading resumed after the Easter break. Brent crude lost $1.70 to $121.73 per barrel in London.
Oil markets were closed Friday when the government reported that the economy added fewer jobs in March than expected. Fewer new jobs could mean that oil and gasoline demand rises less than expected this summer.
Iran also announced over the weekend that it is willing to discuss its nuclear program with the West. That eases fears of a prolonged standoff that could threaten oil supplies being shipped out of the Persian Gulf.
Gasoline prices fell by about a penny over the weekend to $3.927 per gallon.