Crude Oil Falls Below $125 a Barrel

Reformulated gasoline is losing 2 cents at $3.18 a gallon, and heating oil is falling 6 cents at $3.58 a gallon.
By Chuck Marvin ,

Crude futures were sliding Monday after a report signaled that demand for oil and refined products in China may be slowing because of high commodity prices.

West Texas crude for June delivery was down $1.26 at $124.70 a barrel, and Brent crude was $1.76 lower at $123.64 a barrel.

Reformulated gasoline was losing 2 cents at $3.18 a gallon, and heating oil was falling 6 cents at $3.58 a gallon. Natural gas was off 8 cents to $11.46 per million British thermal units.

Weakening crude oil on Monday was new data showing that oil consumption in China declined in April due to elevated commodity prices. The data are among the first indications that soaring oil prices might be affecting demand for petroleum products in emerging markets.

Meanwhile, energy stocks were mixed.

BP

(BP) - Get Report

was 1.1% higher at $72.91, and

Exxon Mobil

(XOM) - Get Report

was up 0.4% at $89.19.

Shares of

ConocoPhillips

(COP) - Get Report

and

Chevron

(CVX) - Get Report

were down 0.4% and 0.2%, respectively.

Among exchange-traded funds, the

United States Oil

(USO) - Get Report

was down 1.3%, and the

iPath S&P GSCI Crude Oil Total Return Index

(OIL) - Get Report

was giving back 1.1%.

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