Brent crude nears monthly drop

Brent crude oil fell below $115 a barrel yesterday, heading for its first monthly decline this year, as investors weighed the prospect that Europe’s debt crisis and a sputtering US economy may slow demand. Public holidays in the US and UK yesterday kept trading volume at less than five per cent the daily norm. The US Memorial Day holiday weekend marks the official beginning of summer driving season, when gasoline demand usually rises. Prices are down nine per cent for the month of May, the biggest decline since May of last year.