Oil falls with stocks
The Associated Press
NEW YORK — The price of oil fell along with the stock market Tuesday.
U.S. benchmark crude for September delivery fell $1.55 to $105 per barrel in afternoon trading on the New York Mercantile Exchange. Earlier in the session, it traded as high as $107.27 after better-than-expected industrial order figures from Germany.
Some media reports quoted members of the Federal Reserve saying the central bank may be close to reducing a bond-buying program that has kept long-term interest rates low and boosted investment in riskier assets like stocks and oil. Stock markets fell, with the Dow Jones industrial average down 99 points to 15,513. Lackluster earnings reports also hurt stocks.
Brent crude, traded on the ICE Futures exchange in London, fell 81 cents to $107.89 per barrel.
In other energy futures trading on the Nymex:
— Heating oil fell 5 cents to $3.00 a gallon.
— Natural gas rose 1 cent to $3.33 per 1,000 cubic feet.
— Wholesale gasoline fell 4 cents to $2.91 a gallon.
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