Oil prices posted their first monthly decline since January with summer driving season petering out and petroleum stockpiles piling up. Analysts said the flattening of oil prices in July could be a prelude to an extended drop, according to dpa. Speculators may continue to pump money into energy markets, but an oversupply of crude and natural gas will cool off any prolonged price increases. Crude ended July 44 cents a barrel cheaper than the month before. The last time that happened was six months ago when a barrel of oil dropped by $2.92 during the month of January. Yet crude prices at one point during that month fell as low as $32.70. Benchmark crude for September delivery rose $2.51 to settle at $69.45 a barrel Friday on the New York Mercantile Exchange, after dipping 3 percent earlier in the day. Prices have swung wildly for days.
