Crude Oil Prices Down As Demand Falters
Posted on: Wednesday, 12 November 2008, 18:00 CST
Lower gas consumption and a gloomy economy conspired to lower crude oil prices Wednesday.
Crude oil prices fell $3.23 to $55.65 per barrel Wednesday on reports that China's imports had declined in October and U.S. gasoline consumption was behind last year's consumption level for the 29th consecutive week.
"With the global macro situation looking pretty lousy, we probably shouldn't be looking for a material rebound in oil prices until some time in 2009," Bart Melek, a global commodity strategist at BMO Capital Markets told The Wall Street Journal.
Heating oil prices also fell Wednesday, down 0.0991 cents to $1.825 per gallon. Reformulated blendstock gasoline fell 0.06 cents to $1.24 per gallon. Natural gas prices also fell, down 0.358 cents to $6.349 per million British thermal units.
At the pump, the average price for a gallon of regular unleaded gasoline was $2.202 Wednesday, down 0.018 cents from Tuesday's $2.22 a gallon, AAA said.
Source: United Press International
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