Falling Demand Cuts Energy Prices

Energy futures fell Friday amid a growing consensus that global demand for petroleum is declining.

High-quality crude oil on the New York Mercantile Exchange for October delivery fell 2.7 percent or $1.75 to close at $63 a barrel.

October gasoline dropped 6 percent or 11.36 cents to settle at $1.7851 a gallon. That’s a 9 percent drop for the week.

Heating oil dropped 4 percent to $1.835 per gallon.

Even natural gas for October delivery, which had been more robust recently than crude or its derivatives, was down 1.7 percent to close at $11.144 per million Btu.

Traders said weak global demand was chipping away at recent energy price strength.