Oil below $112, still remain high.


Oil prices dropped below $112 a barrel Monday but remained near 30-month highs, as traders continued to eye developments in the Middle East and ongoing weakness in the U.S. dollar.

Oil prices dropped below $112 a barrel Monday


By midday in Europe, benchmark crude for May delivery was down 94 cents at $111.85 a barrel in electronic trading on the New York Mercantile Exchange. On Friday, the contract jumped $2.49 to $112.79, the highest since September 2008.

In London, Brent crude for May delivery was down $1.06 to $125.59 a barrel on the ICE Futures exchange.

In other Nymex trading in May contracts, heating oil fell 3.49 cents to $3.2848 a gallon and gasoline dropped 2.95 cents to $3.2312 a gallon. Natural gas futures were down 3.7 cents at $4.004 per 1,000 cubic feet.

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