NEW YORK, Dec. 17 (UPI) -- Oil prices closed down Monday on fears, despite official reports to the contrary, the U.S. economy may be in recession, which would decrease fuel demand.
Algerian Oil Minister Chakib Khelil, who becomes the Organization of Petroleum Exporting Countries' president Jan. 1, also said he "would not exclude the possibility" of increasing oil production at the cartel's February meeting "if the market wants it.''
And the U.S. National Weather Service predicted above-average temperatures across the entire U.S. Northeast from Dec. 22-30.
Light, sweet crude oil for January delivery fell 64 cents, or 0.7 percent, to settle at $90.63 a barrel on the New York Mercantile Exchange. Nymex January contracts expire at the close of trading Tuesday.
Natural gas lost 2 cents, or 0.26 percent, to $7.04 per 1,000 cubic feet.
Heating oil edged down 1 cent at $2.5979 a gallon.
Reformulated-gasoline blendstock for oxygen blending fell 0.63 cents to $2.3354 a gallon.
AAA said the average U.S. retail regular unleaded gasoline price was $2.996 a gallon, down 0.2 cents from Sunday's $2.998 a gallon.
