Concern Over Economy Rises; Oil Slips

Crude oil futures slipped on Monday amidst growing investor concern over an economic slowdown. Crude for October delivery slipped 40 cents, or 0.53%, to $74.77 a barrel on the New York Mercantile Exchange. The Commerce Department reported a lower-than-expected rise in incomes and a decline in the savings rate dropped. The dollar gained against the euro, discouraging investments in commodities. Data on several economic indicators is due over this week and investors are concerned that the figures may reaffirm their fears of a weak economic outlook. News of Hurricane Earl being upgraded to Category 3 and the possibilities of the storm hitting the eastern seaboard added to the gloom. Read more from Benzinga's Markets.