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Oil prices fall; traders see choppy market ahead

Oil prices fell Monday, retreating from a record surge late last week, and traders said the market would remain choppy amid jitters about supplies, growing global demand and a weak U.S. dollar, according to the Associated Press.

The average price for a gallon of gasoline in the United States hit $4 for the first time ever Sunday, according to AAA and the Oil Price Information Service. Record prices threaten to shake consumers who are spending and increasingly large share of paychecks on transportation.

By the afternoon in Europe, light, sweet crude for July delivery was down $1.99 to $135.55 a barrel. The contract was volatile, trading between $135.27 and $138.25 so far in the session.

Posted by Peter C. T. Elsworth  at 10:23 AM to Crude oil market | Permalink

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