Crude oil prices shed $3.71 per barrel

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NEW YORK, July 23 (UPI) -- Crude oil prices fell sharply Monday, giving up $3.71 to $88.12 per barrel on the New York Mercantile Exchange.

A jump in yields on benchmark 10-year Spanish bonds to 7.5 percent put investors on edge across Europe, sending equity markets lower across the continent.

Stocks on the CAC 40 index in France were down 3.2 percent, while the DAX 30 in Germany tumbled 3.8 percent. The FTSE 100 in London shed 2.41 percent.

Stocks were also lower in Asia with declines sharpest in Hong Kong, where the Hang Seng index fell 2.99 percent.

In New York, gasoline added 0.57 cents in late trading to reach $2.7695 a gallon.

Home heating oil gained 0.76 cents to hit $2.8282 a gallon.

Natural gas posted an 0.4 cent gain to hit $3.121 per million British thermal units.

At the pump, the national average price of unleaded gasoline rose to $3.471 per gallon from Sunday's $3.467, AAA said.