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Business News

Oil prices drop to $103; investors gauge effect on economy

The Associated Press
Published:   |   Updated: March 19, 2013 at 10:11 AM

NEW YORK

Oil prices are dropping with investors trying to gauge how much a recent surge in fuel prices has impacted a recovering, yet fragile economy.

Benchmark West Texas Intermediate for April delivery fell $1.20 to $103.18 per barrel Thursday on the New York Mercantile Exchange.

In London, Brent crude lost $1.15 to $114.79 per barrel.

So far, prices haven't slowed consumption, but economist Michael Lynch warns that motorists and businesses may start cutting back if oil remains above the $100 per barrel level.

The jump in oil has already pushed up the average price for gas in the United States by 46 cents a gallon, with many laid off workers just returning to a daily commute.

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