Posted: Feb 27, 2012 11:40 AM
Source: Associated Press
NEW YORK- Oil prices are falling as investors lock in profits after a seven-day surge. Retail gasoline prices continued to climb, adding a penny on Monday for a national average of $3.70 per gallon.
Benchmark crude fell $1.04 to $108.73 per barrel in New York. Brent crude lost $1.75 at $123.72 per barrel in London.
Analysts say a standoff between the West and Iran over its nuclear program continues to keep oil prices around nine-month highs. But many traders sold contracts to lock in profits following a 9 percent rise since Valentine's Day.
Western nations fear that Iran is making a nuclear weapon and have been trying to get inspectors in to inspect its facilities. Iran denies the claim and has threatened to disrupt oil supplies in response to any threats.