Oil Falls Near $104 On European Economic Concern

By: Associated Press
By: Associated Press


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Monday, April 30, 2012

Oil is down slightly on concerns of growing economic troubles in Europe.

Benchmark U.S. crude lost 59 cents to $104.34 per barrel in New York while Brent crude lost 57 cents to $119.26 per barrel in London.

Prices fell after Spain said its economy has fallen into recession. The announcement is one more sign of economic weakness in Europe, which consumes about 18 percent of the world's oil. Analysts also worry that Europe's growing debts could affect other regions, including the U.S., by sparking another banking crisis.

Meanwhile, the U.S. government says consumer spending grew at a slower pace last month. Retail gasoline prices also fell by less than a penny to $3.82 per gallon.

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