Oil prices fall after 7-day surge

February 27, 2012 - 1:45 PM
Oil Prices

In this Feb. 24. 2012 photo, a man puts a gas nozzle into his vehicle to fuel up, in Philadelphia. Oil prices are falling as investors locked in profits after a seven-day surge. Retail gasoline prices continued to climb, adding a penny on Monday, Feb. 27, at $3.70 per gallon. (AP Photo/Alex Brandon)

NEW YORK (AP) — Oil prices are falling as investors lock in profits after a seven-day surge. Retail gasoline prices continued to climb, adding a penny on Monday for a national average of $3.70 per gallon.

Benchmark crude fell $1.04 to $108.73 per barrel in New York. Brent crude lost $1.75 at $123.72 per barrel in London.

Analysts say a standoff between the West and Iran over its nuclear program continues to keep oil prices around nine-month highs. But many traders sold contracts to lock in profits following a 9 percent rise since Valentine's Day.

Western nations fear that Iran is making a nuclear weapon and have been trying to get inspectors in to inspect its facilities. Iran denies the claim and has threatened to disrupt oil supplies in response to any threats.