WTI declines to near $90 per barrel

Crude oil prices were lower again on Thursday as demand concerns continued.

Prices were up early in the session on a statement by Iran’s oil minister that contended that OPEC does not need to increase production, but declined after Federal Reserve Chairman Ben Bernanke said in testimony before Congress that he is in favor of a stimulus package to help out the US economy, currently in a slowdown that some analysts expect to turn into a recession.

February contracts for West Texas Intermediate crude were 71 cents lower to $90.13 at the close of floor trade on the New York Mercantile Exchange while Brent crude for March delivery dropped 67 cents to $88.83 per barrel on the ICE Futures Europe exchange in London.

Nymex February gasoline was down 2 cents to $2.26 per gallon while March natural gas fell 4 cents to $8.02 per million British thermal units.