|Page (1) of 1 - 06/04/12||email article||print page|
Oil prices stall on questions about the extent of slowdown in global economy; gas prices fall
Questions about the extent of a slowdown in the global economy keep putting pressure on the price of oil.
Benchmark oil dropped 21 cents to $83.02 per barrel in New York. Brent crude fell $1.07 cents to $97.37 in London.
More evidence is emerging that the U.S. economy is weakening. The Commerce Department says companies placed fewer orders to U.S. factories in April. That comes after a third straight month of weak job growth in May.
In addition, China's economic growth is slowing and Europe is mired in a financial crisis that has sent the region's unemployment rate soaring.
Meanwhile, AAA says the national average dropped about half a cent overnight to $3.585 a gallon. The price has fallen nearly 21 cents in the past month.