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Summary Oil is back below $88 per barrel after a slow day of trading.
Analysts are giving two reasons for the decline. One is that the truce between Israel and Hamas in the Gaza Strip appears to be holding. The second is that traders are worried that negotiations over the next installment on Greece s bailout could fail.
Benchmark oil closed lower by 54 cents, or 0.6 percent, at $87.74 a barrel on the New York Mercantile Exchange.
Oil prices tend to fall when there are worries that slow economic growth will hurt demand.
Prices are also down for other petroleum products.
Volume was low after the Thanksgiving holiday weekend.
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