The price of oil fell below $94 per barrel today as traders awaited US economic indicators following a long holiday weekend.
Benchmark oil for July delivery was down 60 cents to $93.55 a barrel in electronic trading on the New York Mercantile Exchange.
The contract fell 10 cents to close at $94.15 per barrel on the Nymex on Friday. Yesterday was a bank holiday in the US and Britain
Brent crude, a benchmark for many international oil varieties, fell 11 cents to $102.51 a barrel this morning.
Traders think global energy demand could weaken after a survey by HSBC released last week showed a decline in China's manufacturing for May. An official report on factory production in the world's second-largest economy will be released later in the week.
Data releases later today in the US, including indexes of home prices and consumer confidence, should help clarify the state of the recovery in the world's biggest economy. First-quarter US growth figures will be issued on Thursday.
The dollar, posting recent gains against the yen and the euro, has also weighed on crude prices. Oil typically falls as the dollar strengthens since crude becomes more expensive for investors with other currencies.
