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.
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