Oil Prices Fall on Concerns About Slowing Economy

By: AP
By: AP

Oil prices are below $93 a barrel, as concerns persist about the
slowing global economy.

Benchmark West Texas Intermediate crude dropped $1.33 to $92.46
in Wednesday morning trading on the New York Mercantile Exchange.
In London, Brent crude lost $1.96 at $114.50 per barrel on the ICE
Futures exchange.

Investors are concerned about lagging consumer spending, weak
demand for oil and gas, and sovereign debt problems in Europe that
could spread.

Traders will look for more clues about demand later Wednesday
when the government releases its weekly inventory report.

Gas pump prices were virtually unchanged at a national average
of $3.701 a gallon. That's up less than a penny from a week ago,
but over 97 cents higher than a year ago.

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