NEW YORK —Oil prices fell Monday on concerns about the economic recovery. West Texas Intermediate, the U.S. benchmark crude, fell 85 cents to $102.46 a barrel. Brent crude, which is used to price oil imported by U.S. refineries, slipped 76 cents to $122.67 a barrel.
The U.S. economy added just 120,000 jobs in March, half as much as each of the previous three months. The government reported the disappointing data Friday, but Monday was the first day oil markets were open. Stocks also fell. The slower pace of hiring is raising concerns that growth in the economy and energy demand could weaken.
Political events also weighed on oil markets. Iran announced over the weekend that it is willing to discuss its nuclear program with the West. That eased fears of a prolonged standoff that could further squeeze world oil supplies.
Already, global sanctions have forced some of Iran’s biggest oil customers to find other sources of crude. Renewed negotiations could lead to an agreement that lifts those sanctions. It also reduces the risk that Iran will try to choke off exports from other oil producers by closing shipping routes out of the Persian Gulf.
U.S. gas prices fell by about a penny over the weekend to $3.93, according to auto club AAA, Wright Express and Oil Price Information Service. In Denver, the average price was $3.82. Pump prices have eased after nearing $3.94 a gallon last week. Experts say prices could peak this month between $4.25 and $4.35 a gallon.
In other energy trading, heating oil fell by 2.3 cents to $3.15 a gallon, while gasoline futures fell 4.4 cents to $3.30 a gallon.
