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Oil falls on new signs of slowing global economy

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Posted: Aug 13, 2012 10:20 AM
Updated: Aug 13, 2012 10:20 AM
Source: Associated Press

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Topics: new york, oil, price, economy, supply

NEW YORK - The price of oil is falling as Japan becomes the latest country to report slower economic growth.

Benchmark crude fell 62 cents Monday to $92.25 per barrel in New York.

Japan says its economy grew less than expected in the second quarter in part because of less demand for its exports in Europe. Consumer spending also slowed. Last week, China also reported slower economic growth.

On Friday, the International Energy Agency cut its global oil demand forecast for the year, citing "a weak economic backdrop."

Brent crude rose 27 cents to $113.22 in London.

Meanwhile, U.S. gasoline prices are continuing to increase. AAA says the national average price rose nearly 3 cents over the weekend to $3.696 per gallon. That's about 30 cents more than a month ago.

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