63°
Baton Rouge, Louisiana
3 Day Outlook
Tue
80°
59°
0%
Wed
86°
67°
40%
Thu
86°
69°
80%

Latest Weather Blog

Follow our weather team on social media

Oil falls on new signs of slowing global economy

2 years ago Monday, August 13, 2012 8:20:16 AM CDT August 13, 2012 Monday, August 13 2012 Aug 13, 2012 in News
Source: Associated Press

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.

More News

comments powered by Disqus

Desktop News

Click to open Continuous News in a sidebar that updates in real-time.
5 Days
Radar
Today
63°
56°
Tue
Partly Cloudy
80°
59°
Wed
PM T-Storms
86°
67°
Thu
T-Storms
86°
69°
Fri
T-Storms
83°
73°