Crude oil drops on economic, geopolitical news

Crude oil prices fell on Monday, joining other commodities in declines as investors questioned the state of the US economy.

Also helping prices decline was news that Turkish troops and Kurdish rebels engaged in conflict along the Turkey-Iraq border could announce a cease-fire soon.

At the close of floor trade on the New York Mercantile Exchange, West Texas Intermediate crude for November delivery had dropped $1.35 to $87.25 per barrel, well below record highs above $90 per barrel reached last week.

Meanwhile, Brent crude was 65 cents lower to $83.14 per barrel on the ICE Futures Europe exchange in London.

Nymex November gasoline dropped as well, falling 3 cents to $2.14 per gallon, while December heating oil was down 2 cents to $2.33 per gallon.

December natural gas was 20 cents lower to $7.53 per million British thermal units.