Oil falls to near $89 on European concerns
The price of oil sank toward $89 a barrel Monday as a flare-up in Europe's debt crisis and concern over Chinese economic growth suggested demand for crude will weaken.
The benchmark crude futures contract for September delivery was down $2.55 at $89.28 a barrel by late morning European time in electronic trading on the New York Mercantile Exchange. The August contract, which expired Friday, ended down $1.22 at $91.44 per barrel in New York.
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