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Oil's slide continues, with crude below $93

The Associated Press

Oil prices are falling for a third day, as traders realize that a recent run-up to $100 may have been overdone.

Oil was at $92.34 in late morning trading on the New York Mercantile Exchange. That's a decline of $2.95, or 3.1 percent.

Several things are pushing prices down. Analysts say traders are taking profits after oil got above $100 per barrel on Friday for the first time since May. Oil has fallen about 7 percent this week.

And there have more signs this week that the global economy is slowing down, which tends to push oil prices down because people and businesses use less energy.

Also, a U.S. government report on Wednesday shows crude inventories rose much more last week than analysts had expected.