Oil drops to $107.12 a barrel

AP News
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Posted: Apr 18, 2011 3:36 PM
Oil drops to $107.12 a barrel

Oil slipped more than 2 percent Monday after Standard & Poor's lowered its long-term outlook for U.S. debt, raising concerns about the economy. Another move by China to slow its booming economy also helped push prices down.

Here's how energy contracts traded on Monday.

On the New York Mercantile Exchange:

_Benchmark crude lost $2.54 to settle at $107.12 per barrel;

_Heating oil gave up 4.14 cents to settle at $3.1828 per gallon;

_Gasoline futures fell 3.64 cents to settle at $3.2528 per gallon;

_Natural gas lost 6.6 cents to settle at $4.138 per 1,000 cubic feet.

On the ICE Futures exchange:

_Brent crude lost $1.84 to settle at $121.61 per barrel.