Oil price falls

Oil price falls


Oil fell Monday after the U.S. government said sales of previously occupied homes dipped in June.

Meanwhile, the average price of gasoline in the U.S. stayed at $3.67 a gallon over the weekend after rising steadily for two weeks.

Benchmark crude oil dropped $1.14 to finish at $106.91 a barrel on the New York Mercantile Exchange.

Sales of previously occupied homes in the U.S. slipped 1.2 percent in June to a seasonally adjusted annual rate of 5.08 million. Any sign that the U.S. economic recovery is slowing can depress oil prices.

Oil is still up more than $13 a barrel since June 21, underpinned by sharp declines in U.S. stockpiles and concerns of supply disruptions in the Middle East.

Some analysts, however, say the fundamental rules of supply and demand alone do not justify the rise, and speculators also are pushing the price higher.

“While crude-oil stocks have declined for three weeks in a row, fundamentals in the gasoline and distillates markets appear less supportive,” said a report from JBC Energy in Vienna. “Stock levels for oil products are in line or above the five-year average, and domestic demand is anything but impressive.”

Selected local stocks


Aqua America, .76, 33.61 .38

Avalon Holdings,3.55.00

Clear Channel, .61 29.69 .41

Cortland Bancorp, 10.06.00

Farmers Nat., .126.42 —.03

First Energy, 2.20, 39.17.25

FirstMerit Corp., .64,21.67 .14

First Niles Financial, .32,8.49.00

First Place Fin., .0045.0022

FNB Corp., .48,13.10.11

General Motors,36.745.135

General Electric, .76,24.86.14

Motors Liquidation, .0422.00

Huntington Bank, .20, 8.53.15

JP Morgan Chase, 1.52,56.56.40

Key Corp, .22,12.37.33

LaFarge, 15.73 .24

Macy’s, 1.00, 48.91—.12

Parker Hannifin, 1.80, 102.85—.26

PNC, 1.76,77.18—.01

RTI Intl. Metals,30.65.41

Simon Prop. Grp.,4.60,165.981.02

Stoneridge 12.49 —.04

United Community Fin. 4.92—.01

Selected prices at 4 p.m. Monday. Provided by Stifel Nicolaus. Not to be construed as an offer or recommendation to buy or sell any security.

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