Oil falls near $90, erases last week's gains
Benchmark crude oil is down 1.9 percent, or $1.71, at $90.15.
The Associated Press
NEW YORK — The price of oil is falling Monday and giving back the gains from last week.
In morning trading, benchmark crude oil is down 1.9 percent, or $1.71, at $90.15. Oil rose 2.1 percent last week.
Traders are brushing off some positive U.S. economic news. The Commerce Department says retail sales rose 1.1 percent last month. That follows a 1.2 percent increase in August.
The focus instead is on weaker oil demand. On Friday, the International Energy Agency issued a new report predicting slower growth in demand for oil over the next five years. The agency also forecast that supplies will increase as the global economy struggles to grow.
The Trucker staff can be reached for comment at email@example.com.
Find more news and analysis from The Trucker, and share your thoughts, on Facebook.