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Oil Falls Toward $95 On US, Europe Growth Fears

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The price of oil fell to near $95 a barrel Monday after U.S. industrial production weakened and Europe remained mired in recession.

Benchmark crude for March delivery was down 28 cents to $95.58 per barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract fell $1.45 to finish at $95.86 a barrel on the Nymex on Friday.

Brent crude, used to price many varieties of foreign oil, rose 9 cents to $117.75 per barrel in London.

Source: AP

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