NEW YORK - Oil extended a weeklong decline as signs of global economic weakness raise concerns about energy demand.
On Tuesday, benchmark U.S. crude lost 93 cents to $97.01 per barrel in New York, after briefly dipping below $96 around midday. Oil has fallen $7.86 per barrel, or 7.5 percent, so far this month.
Election results in France and Greece have called into question Europe's efforts to solve its debt crisis. Data such as last week's disappointing jobs numbers in the U.S. have raised doubts about economic strength outside of Europe.
And Saudi Arabia, the world's largest oil exporter, has been increasing production in an effort to rein in high oil prices before they inflict economic damage.