NEW YORK (CNNMoney.com) -- Oil prices slipped Monday, falling from a 7-week high settlement price during the previous session, as concerns about the tropical storm in the Gulf of Mexico began to ease.
What prices are doing: Crude oil futures for August delivery fell 61 cents, or 0.8%, to $78.25 a barrel.
The national average price for a gallon of regular unleaded gas increased to $2.756, up 0.1 cent from the previous day's $2.755, according to motorist group AAA.
What's moving the market: Fears that tropical storm Alex could threaten oil production and BP's clean up in the Gulf of Mexico faded after the National Hurricane Center's forecast showed that the storm will leave the key areas unaffected.
Investors also digested proposals made at the G-20 summit over the weekend. Global leaders agreed to cut their budget deficits in half by 2013 and make banking systems safer.
The drilling moratorium in the Gulf, which has been in effect since April, does not impact any current oil production.
What analysts are saying: "There's a good chance we'll come off the huge increases from Friday," said energy economist Jim Williams, president of WTRG Economics. "Even if the storm develops into a hurricane, it looks like it won't really be a big one and won't really affect oil production much."
Williams described the outcome of the G-20 meeting as a "yawn."
"Everyone had the same message going into the meeting as they did coming out of it: they'll work to tighten budgets, cure the deficit problem, but it will be a while. So there's no compelling reason for prices to move upward."
|Overnight Avg Rate||Latest||Change||Last Week|
|30 yr fixed||3.35%||3.63%|
|15 yr fixed||2.62%||2.65%|
|30 yr refi||3.38%||3.49%|
|15 yr refi||2.64%||2.68%|
Today's featured rates:
Dennis Singleton of the North Carolina National Guard still hasn't gotten his car back, or any money, years after Wells Fargo illegally repossessed his car. "Honestly, I just think it sucks," he said. More
China is no longer offering Venezuela new loans, according to experts. It spells bad news for Venezuela, which relied heavily on Chinese finance. More
Scientists believe that by using robots to study fecal matter, they can predict the spread of communicable diseases and influence health policy. More
In 1998, Ntsiki Biyela won a scholarship to study wine making. Now she's about to launch her own brand. More
U.S. Labor Secretary Tom Perez writes about why the Labor Department introduced a new rule requiring federal contractors to provide paid sick leave to workers. More