Oil drops on Saudi supply promise

NEW YORK (AP) ? The price of oil is falling after Saudi Arabia promised to keep markets well-stocked with petroleum.

The world's biggest oil producer made the announcement Tuesday in reaction to fears that a standoff over Iran's nuclear program could hurt oil supplies from the Middle East. The Saudis say they're ready to meet any shortfalls ? perceived or real ? in global oil supplies.

Oil has jumped by 9.3 percent since January.

Concern about a slowdown in China's economy may also be pressuring oil prices Tuesday.

Benchmark U.S. crude gave up $2.13 to $105.96 per barrel in New York while Brent crude lost $2.16 to $123.55 in London.

Meanwhile, retail gasoline prices are now averaging $3.846 per gallon.

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AP Business Writer Adam Schreck contributed to this story from Dubai

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/f70471f764144b2fab526d39972d37b3/Article_2012-03-20-Oil%20Prices/id-f218e5166e8c41cab92491ff5b4944bf

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