Oil Falls on Concern about German Economy

By: Associated Press
By: Associated Press

Oil is falling on concerns about Europe's biggest economy.

Benchmark West Texas Intermediate crude for September delivery on Tuesday fell 72 cents to $87.16 per barrel on the New York Mercantile Exchange. Brent crude, which is used to price many international oil varieties, fell 74 cents to $109.10 per barrel on the ICE Futures exchange in London.

Oil dropped early in the day after Germany said its economy nearly ground to a halt in the second quarter, with tepid 0.1 percent growth from April to June. The result was worse than expected and overshadowed news of resurgent factory output in the U.S. The European data raised concern about future demand for oil and gas.

Meanwhile, gasoline pump prices fell nearly a penny to a national average of $3.587 per gallon.

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