Oil falls on concerns about global economy

NEW YORK (AP) ? The price of oil is falling as the latest batch of data deliver mixed views of the global economy.

Reports out of Europe Thursday said borrowing costs rose in Spain and unemployment rose in Greece, stoking concerns about the region's financial crisis. Meanwhile the number of people filing for unemployment benefits in the U.S. plunged last week.

Benchmark U.S. crude fell 87 cents to $84.94 per barrel in New York, while Brent crude lost 88 cents to $99.35 per barrel in London. Prices have reversed course almost every day this month.

Natural gas futures dropped more than 3 percent after the government said U.S. supplies grew more than expected last week. Retail gasoline prices were flat at a national average of $3.384 per gallon.

Associated Press

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