Oil prices turn lower on Europe, settle to

Crude oil has risen to $96 a barrel from a low of $78 in late June. Investors have worried about disruption to oil supplies in the Middle East and North Sea. In the U.S., there were problems with refineries and pipelines in the West Coast and Midwest, including a fire in California.

The Associated Press

8/20/2012

NEW YORK — Oil fell slightly in New York trading Monday after four days of gains on more concerns about Europe's economy.

European leaders are beginning a series of discussions that could determine Greece's future and the stability of the 17 countries that use the euro.

U.S. benchmark oil dropped 4 cents to $95.97 per barrel on the New York Mercantile Exchange. Brent crude, which is used to price international varieties of oil, slipped a penny to $113.70 per barrel in London.

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In a report issued Monday, the German central bank questioned the wisdom of having the European Central Bank buy bonds to help the struggling European economies. It stressed that such purchases could carry "substantial risks."

Meanwhile, Greece has fallen behind on implementing reforms and austerity measures, fueling impatience in Germany and other eurozone countries.

Earlier in the session, oil prices rose and hit a day high of $96.53 a barrel, on the back of rising consumer confidence in the U.S. economy.

Crude oil has risen to $96 a barrel from a low of $78 in late June. Investors have worried about disruption to oil supplies in the Middle East and North Sea. In the U.S., there were problems with refineries and pipelines in the West Coast and Midwest, including a fire in California.

Other closing futures prices in New York:

— Heating oil was flat at $3.09 per gallon.

— Wholesale gasoline rose less than a penny to $3.03 per gallon.

— Natural gas rose 5.7 cents to $2.776 per 1,000 cubic feet.

Kevin Jones of The Trucker staff can be reached for comment at kevinj@thetrucker.com.

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