Business

Oil drops below $88 per barrel

Oil fell below $88 per barrel on Monday after a slow day of trading.

Analysts gave two reasons for the decline. One was that the truce between Israel and Hamas in the Gaza Strip appeared to be holding. The second was concern among traders that negotiations over the next installment on Greece’s bailout could fail. Talks continued well into the evening in Brussels.

Advertisement

Oil prices tend to fall when there are worries that slow economic growth will hurt ­demand.

Oil for January delivery closed lower by 54 cents at $87.74 on the New York Mercantile Exchange.

Nationally, AAA said gasoline prices at the pump fell a fraction of a penny to $3.423 per gallon. In Massachusetts, the average was $3.569 a gallon, down 2 cents from the previous week.

Loading comments...
Real journalists. Real journalism. Subscribe to The Boston Globe today.
You're reading  1 of 5 free articles.
Get UNLIMITED access for only 99¢ per week Subscribe Now >
You're reading1 of 5 free articles.Keep scrolling to see more articles recomended for you Subscribe now
We hope you've enjoyed your 5 free articles.
Continue reading by subscribing to Globe.com for just 99¢.
 Already a member? Log in Home
Subscriber Log In

We hope you've enjoyed your 5 free articles'

Stay informed with unlimited access to Boston’s trusted news source.

  • High-quality journalism from the region’s largest newsroom
  • Convenient access across all of your devices
  • Today’s Headlines daily newsletter
  • Subscriber-only access to exclusive offers, events, contests, eBooks, and more
  • Less than 25¢ a week
Marketing image of BostonGlobe.com
Marketing image of BostonGlobe.com