Crude Oil Drops Below $54 a Barrel

Crude-oil prices fell Monday, reversing a rally earlier in the session off reports of a fire affecting oil-storage tanks at a terminal in Libya. Crude oil for February delivery fell $1.12, or 2%, to settle at $53.61 on the New York Mercantile Exchange. Gasoline futures also declined with the January contract falling 5.5 cents, or 3.7%, to $1.45 a gallon.