Oil drops under $94 on concerns about the economy

AP News
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Posted: Aug 02, 2011 3:48 PM
Oil drops under $94 on concerns about the economy

Oil fell below $94 per barrel Tuesday as investors continued to worry about weak consumer spending and the economy.

Here's how energy contracts traded:

On the New York Mercantile Exchange:

Crude fell $1.10 to settle at $93.79 per barrel.

Gasoline gave up 1.67 cents to settle at $3.0373 per gallon.

Heating oil lost 0.58 cents to settle at $3.0916 per gallon.

Natural gas dropped 3.3 cents to settle at $4.155 per 1,000 cubic feet.

On the ICE Futures exchange:

Brent crude lost 35 cents to settle at $116.46 per barrel.