U.S. recession fears push crude oil down

New York -- Oil prices fell Monday on fears the U.S. economy may already, unofficially, be in recession, decreasing fuel demand, despite official reports to the contrary.

Light, sweet crude oil for January delivery fell 40 cents, or 0.44 percent, to $90.87 a barrel in mid-morning trading on the New York Mercantile Exchange.

Natural gas lost 6 cents, or 0.93 percent, to $6.96 per 1,000 cubic feet.

Heating oil gained 0.86 cents, or 0.33 percent, to $2.6165 a gallon.

Reformulated-gasoline blendstock for oxygen blending advanced 0.47 cents, or 0.2 percent, to $2.337 a gallon.

AAA said the average U.S. retail regular unleaded gasoline price was $2.996 a gallon, down 0.2 cents from Sunday's $2.998 a gallon.

Copyright 2007 by United Press International.