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Price of crude oil drops as fears over Spain rise

NEW YORK (AP) -- The price of oil is falling as investors' worries about Europe shift to Spain.

U.S. West Texas Intermediate crude fell by 71 cents to $83.32 per barrel. Brent crude, which helps set the price for much of the oil imported into the U.S., slipped $1.46 to $96.15 per barrel in London.

Oil prices declined as yields on Spain's bonds soared -- a sign that investors fear the country could default on its debts. That overshadowed other events in Europe, including a weekend election in Greece in which voters gave a narrow victory to a party that supports a bailout of the nation's failed economy.

Europe's crisis risks eroding oil demand in the region, and it poses a threat to slowing economies in the U.S. and China.

Retail gasoline prices fell less than a penny to a national average of $3.505 a gallon, according to auto club AAA, Wright Express and Oil Price Information Service. A gallon of regular unleaded has dropped by 43 cents per gallon since peaking this year during the first week in April. It's also 15.8 cents cheaper than the same time last year.

In the Buffalo Niagara region, a gallon of regular averaged $3.75 Monday, down 7 cents from a week ago.


FDA issues drug warning

WASHINGTON (AP) -- The toxic side effects of an experimental cancer drug from Onyx Pharmaceuticals may outweigh its benefits for patients with a type of blood cancer, federal health regulators said Monday.

The Food and Drug Administration warned that patients in a company study of the drug had a high rate of heart and lung side effects, some which were fatal. The FDA posted its review of carfilzomib online ahead of a meeting Wednesday, where its panel of cancer experts will recommend whether the drug should be approved.

Shares of Onyx Pharmaceuticals Inc., based in San Francisco, rose 2 cents to $46 in morning trading after rising as high as $46.99 earlier in the session. They are near their 52-week high of $47.80 in late April.

Onyx has asked the FDA to approve carfilzomib as a treatment for patients with advanced forms of multiple myeloma whose disease has spread despite treatment with other drugs.

Multiple myeloma affects plasma cells in bone marrow. More than 50,000 people have the disease in the U.S., and about 20,000 new cases are diagnosed every year.


Seidenberg takes new post

Ivan Seidenberg, who led Verizon Communications Inc. for more than a decade, has joined Perella Weinberg Partners as an advisory partner.

Seidenberg, 65, will work with co-founders Joseph Perella, Peter Weinberg and Terry Meguid, the New York-based firm said Monday in a statement. The executive, who has more than 45 years of experience in telecommunications, stepped down as Verizon's chief executive officer last year.

Under Seidenberg, Verizon's wireless division overtook AT&T Inc. as the largest mobile-phone company in the U.S. At Perella, he will provide advice to the co-founders on how to expand the firm, according to the statement.

-- Bloomberg News


FiOS Quantum introduced

Verizon Communications Inc. has introduced an Internet service called FiOS Quantum that doubles its broadband speed while increasing prices.

Verizon, seeking an edge against cable providers, is emphasizing faster connections as part of new FiOS bundles of Internet, television and phone service. The offerings are aimed at users with multiple Internet devices and bandwidth-hogging applications, who may pay more for speed.

As of Monday, customers can pick from five speeds. The basic 15-megabit-per-second rate will carry the same price of $99 a month for triple play, which includes phone and television service. The plans will top out at 300 megabits per second for an Internet-only service that costs $204.99 a month with a two-year contract.

The previous 25-megabit-per-second FiOS triple-play bundle that cost $94.99 will be replaced with a 50-megabit package for $109.99, said Bill Kula, a spokesman for New York-based Verizon. The $109.99-a-month 35-megabit plan will become 75 megabits for $114.99 a month, he said.

-- Bloomberg News