Business

After a run-up, the price of oil falls

NEW YORK — The price of oil fell for the first time in more than a week Monday, slipping near $107 a barrel.

Benchmark oil for September delivery fell 36 cents to close at $107.10 a barrel on the New York Mercantile Exchange. The contract rose $4.06, or 4 percent, over the prior six trading sessions.

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Meanwhile, pump prices held steady. At $3.54 a gallon, the average price for a gallon of gasoline is 13 cents cheaper than a month ago and 18 cents less expensive than at this time last year.

The situation in Egypt has supported higher oil prices. The country has been wracked by ongoing clashes. Nearly 900 people have died. Egypt is not a major oil exporter, but there is concern an escalation in fighting could spread or disrupt the Suez Canal.

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Brent crude, which is used to price imported crude used by many US refineries, fell 50 cents to $109.90 a barrel for October delivery on the ICE Futures exchange in London.

Associated Press

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