NEW YORK -- The Houston Ship Channel was closed to incoming traffic on Sunday because of dense fog.

KHOU - TV

It was finally reopened about 2:30 p.m. Monday.

Oil tankers and two cruise ships were among the vessels that couldn't get through during the closure.

At the height of the delay, the Coast Guard said 59 inbound vessels were waiting offshore and 29 outbound vessels were waiting for clearance to leave.

The cruise ship Conquest was supposed to leave Houston Sunday, but was delayed until 1:30 p.m. Monday. The Ecstasy was scheduled to arrive at 8 a.m. Monday, but had to wait until 4:40 p.m. to get through.

Another potential fog problem is possible between now and Wednesday.

There are concerns that another lengthy closure could impact oil futures.

Futures fell Monday, reversing course as concerns about falling demand and rising supplies offset earlier anticipation about an interest rate cut.

Some investors who had jumped into oil futures markets as crude prices were rising are now looking for opportunities to sell. Many found such an opportunity earlier Monday morning when oil rose to near $90 a barrel, said James Cordier, president of Liberty Trading Group, in Tampa, Fla.

“Right now, the big question is demand,” Cordier said.

Several recent reports have suggested domestic demand for oil and gasoline is falling even as OPEC is boosting production.

Light, sweet crude for January delivery fell 26 cents to $88.02 a barrel on the New York Mercantile Exchange.

While the recent trend of oil prices has been mostly down, trading has been volatile. January futures fell $1.95 on Friday after rising $2.74 on Thursday.

“We’re covering the same ground and not getting anywhere,” said Steve Bellino, senior vice president of energy at MF Global LLC.

At the pump, meanwhile, gas prices fell 2 cents over the weekend to a national average of $3.003 a gallon, according to AAA and the Oil Price Information Service. Gas prices have fallen nearly 11 cents from levels reached in mid-November, when oil appeared set to hit $100 a barrel.

Oil futures have dropped more than $10 from their highs in recent weeks as OPEC increased output and as demand slid in the face of high prices. Analysts who a month ago were predicting new gas price records now see prices falling well below $3 a gallon in coming months.

Some analysts expect oil futures to trade in a range around $90 until more evidence surfaces of either further demand erosion or supply growth. Others believe futures have begun a seasonal move that could take them as low as $70 a barrel.

The dollar’s continuing decline against the euro and other currencies again made oil look more attractive to foreign investors.

Other Nymex futures fell Monday. Heating oil for January delivery fell 1.87 cents to $2.486 a gallon, while January gasoline fell a cent to $2.259 a gallon. January natural gas futures fell 12.5 cents to $7.03 per 1,000 cubic feet on the Nymex.

In London, January Brent crude fell 53cents to $88.11 a barrel on the ICE Futures exchange.