With the downgrading of Tropical Storm Bonnie easing the threat of damage to oil wells in the Gulf of Mexico, oil prices fell towards $78 a barrel on Monday. By early afternoon in Europe, benchmark crude for September delivery was down 56 cents at $78.42 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell 32 cents to settle at $78.98 on Friday.
Source: The Associated Press
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