WTI, Brent each drop more than $4 per barrel

Crude oil prices declined significantly Monday after bad news overnight had traders worried about growing sings that the US economy is in real trouble, which could cut demand for oil and oil products.

April contracts for West Texas Intermediate crude dropped $4.53 to close at $105.68 per barrel on the New York Mercantile Exchange, but not until after it rose to a new all-time high at $111.80 per barrel earlier.

Meanwhile, Brent crude May contracts were $4.45 lower to $101.75 on the ICE Futures Europe Exchange in London.

Nymex April gasoline dropped 19 cents to $2.50 per gallon while May heating oil was down 7 cents to $2.97 per gallon and May heating oil was 79 cents lower to $9.17 per million British thermal units.

Gasoline prices at the pump in the United States, however, are still expected to rise to between $3.50 and $4 per gallon this spring, while the surge in diesel prices, now averaging above $4 per gallon on average across the US, are hurting truckers and raising prices on good delivered by truck, train, and ship.