Oil price declines

NEW YORK – Oil slipped more than 2 percent Monday after Standard & Poor’s lowered its long-term outlook for U.S. debt, raising concerns about the economy. Another move by China to slow its booming economy also helped push prices down.

Here’s how energy contracts traded on Monday:

Benchmark crude lost $2.54 to settle at $107.12 per barrel.

Gasoline futures fell 3.64 cents to settle at $3.2528 per gallon.

Associated Press