Oil Prices Fall on Concerns about Slowing Economy

By: Associated Press
By: Associated Press

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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