Worries about slowing global economy pressures oil

Questions about the extent of a slowdown in the global economy keep putting pressure on the price of oil.

Benchmark oil dropped 21 cents to $83.02 per barrel in New York. Brent crude fell $1.07 cents to $97.37 in London.

More evidence is emerging that the U.S. economy is weakening. The Commerce Department says companies placed fewer orders to U.S. factories in April. That comes after a third straight month of weak job growth in May.

In addition, China's economic growth is slowing and Europe is mired in a financial crisis that has sent the region's unemployment rate soaring.

Meanwhile, AAA says the national average dropped about half a cent overnight to $3.585 a gallon. The price has fallen nearly 21 cents in the past month.

Associated Press

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