OPEC has also warned of an economic slowdown amongindustrial nations.

Oil prices are lower Wednesday on concerns that the financial problems in Italy will overwhelm s European banks with debts that may be too big to rescue. And OPEC warned of an economic slowdown among industrial nations.

Benchmark crude fell 65 cents to 96.15 dollars a barrel in NewYork, while Brent crude lost $ 1.19 to $ 113.81 a barrel in London.

Oil prices fell as the rate jumped to Italy s a sign that the countrywill struggle to turn their economy around despite the scheduled departure of the Prime Minister. Meanwhile, the Organization ofPetroleum Exporting Countries said it expects oil demand to sinkin industrialized countries, this year, especially in Europe.

The pump in the U.S., the retail price of gasoline rose 1.6 cents toa national average of $ 3.43 a gallon.