Oil Falls Below $98 a Barrel

New York, NY, May 7, 2012 -- The price of oil fell below $98 a barrel Monday on the New York Mercantile Exchange.

Benchmark oil for June delivery was down 86 cents to $97.63 a barrel. The contract declined $4.05 to settle at $98.49 in New York on Friday.

Brent crude for June delivery was down 73 cents at $112.45 per barrel in London.