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Spain's financial woes send oil prices down

Benchmark oil fell $1.34 on Friday to $91.63 per barrel in New York.

The Associated Press

7/20/2012

The price of oil is dropping as Spain's financial troubles create fresh concerns about Europe's economy.

Benchmark oil fell $1.34 on Friday to $91.63 per barrel in New York. Brent crude was down $1.12 to $106.68 in London.

Spain's government predicts its recession will extend into 2013. That's raising more worry about whether conditions in other financially troubled European countries also will deteriorate.

Slower economic growth means businesses and consumers will use less oil and gasoline.

Meanwhile, natural gas prices are topping $3 per 1,000 cubic feet for the first time since early January. Demand is strengthening as consumers turn on air conditioners to stay cool in the hot weather.

At the pump, the national average for gasoline rose a penny to $3.447 per gallon.

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