Price of oil falls below $96 a barrel

Monday, June 10th, 2013 | Finance News

BANGKOK (AP) — The price of oil fell Monday, wiping away some of the gains posted late last week on the heels of a positive U.S. employment report.

Benchmark oil for July delivery fell 39 cents to $95.64 per barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract for benchmark crude rose $1.27 to close at $96.03 a barrel on the Nymex on Friday.

A swell of optimism, triggered by better-than-expected jobs numbers out of the U.S. on Friday, helped stock markets Monday. The U.S. economy added 175,000 jobs in May — a steady pace that shows strength in the face of tax increases and government spending cuts.

But energy prices didn't follow stocks up. Analysts said lower-than-expected inflation data out of China reflected weak demand in the world's second-largest economy, which is also a major energy consumer.

Brent crude, a benchmark for many international oil varieties, fell 14 cents to $104.42 a barrel on the ICE Futures exchange in London.

In other energy futures trading on the Nymex:

— Wholesale gasoline fell marginally to $2.8707 a gallon.

— Heating oil fell less than 0.1 cent to $2.8927 per gallon.

— Natural gas fell 0.5 cent at $3.823 per 1,000 cubic feet.