NEW YORK, Jan. 7 (UPI) -- Prices for crude oil and gasoline fell Monday on the New York Mercantile Exchange as traders reacted to a possible slower U.S. economy that could lower demand.
Crude oil for dropped $2.82, off nearly 3 percent, and closed at $95.09 a barrel. The price of a gallon of gasoline also fell 3 percent on the exchange, dropping 8.12 cents and ending at $2.4298 a gallon.
Heating oil dropped 9 cents to finish at $2.5935 a gallon.
Only natural gas gained, adding 3.80 cents, ending at $7.879 per million British thermal units.
"Crude oil traded weaker overnight on follow-through selling from last Friday, as bearish economic news and the market's failure to gather momentum above the $100 mark appear to be souring both the fundamental and technical outlook," Michael Fitzpatrick, an analyst at MF Global, told MarketWatch. "Given the deteriorating U.S. macroeconomic condition and the overdone technicals, the market may give back more ground this week."
At the pump, the average cost of a gallon of unleaded gasoline was $3.106 Monday, reported the AAA Daily Fuel Gauge Report, up from Friday's $3.074.
