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Oil slides on concerns about demand
Crude oil prices dropped under $96 per barrel Monday morning on concerns that U.S. demand was slowing.
The American Petroleum Institute said Friday U.S. demand dropped to an almost four-year low in July, taking the wind out of last week’s modest rally.
West Texas Intermediate crude oil for September delivery, above $96 last week, gave up 25 cents in early trading to $96.76 per barrel on the New York Mercantile Exchange.
Natural gas added 5.1 cents to $2.77 per million British thermal units.
Home heating oil gained 1.4 cents to $3.1066.
Reformulated blendstock gasoline climbed a half cent to reach $3.0325 a gallon.
At the pump, the average price for a gallon of regular unleaded gasoline was unchanged from Sunday at $3.20 per gallon, AAA reported.
Copyright 2012 by United Press International