Oil falls to $80 a barrel

September 23, 2011 - 11:10 AM

Oil is lower again, a day after plunging more than 6 percent on fears that a slowing global economy will cut demand.

Benchmark oil fell 55 cents to $79.92 per barrel on Friday in New York. Brent crude rose 10 cents to $105.59 per barrel in London.

Investors are evaluating future demand for energy products after several discouraging reports this week about the slowing economy. They're also keeping an eye on Europe's ongoing debt crisis.

Meanwhile, AAA says gas prices at the pump are down nearly 2 cents to a national average of $3.54 per gallon. That's still about 83 cents more than a year ago.