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Posted AT 3:46 PM EST on 18/08/08

Oil settles below $113

STEVENSON JACOBS

The Associated Press

NEW YORK — Crude prices settled below $113 (U.S.) a barrel for the first time in more than three months Monday as tropical storm Fay steered clear of oil-producing infrastructure in the Gulf of Mexico. Light, sweet crude for September delivery fell 90 cents to settle at $112.87 on the New York Mercantile Exchange, after earlier rising as high as $115.35. It was the first time crude ended below $113 since May 1. The contract fell $1.

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