News

Oil prices fall after 7-day surge

Font size

Posted: Feb 27, 2012 11:40 AM
Source: Associated Press

  Rating: 0.0 (0 votes)

Topics: oil, price, fall, money, international

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.

comments powered by Disqus

Most Popular