Last updated 2:02AM ET
February 17, 2012
Business
Business
Oil Prices Fall, Amid Inflation Worries
(2008-06-04)
Traders work on the floor of the New York Mercantile Exchange
UNDATED (Associated Press) -

Oil prices have fallen below $124 a barrel today, selling for its lowest price since May 15th. By midday in Europe, light, sweet crude for July delivery was down 52 cents at $123.79 a barrel.

Federal Reserve Chairman Ben Bernanke's red flag about inflation becoming a more prominent concern may be one factor in the dip.

The latest MasterCard SpendingPulse survey says that demand for gasoline fell by almost 5 percent last week compared to the same week last year. That week included the long Memorial Day weekend. Averaged over the last four weeks, demand was down 6 percent last week compared to last year.
 © Copyright 2012, Associated Press