Crude oil futures in New York fell to the lowest price in almost two months on decreased demand for gasoline at the end of the summer driving season.
Demand for the motor fuel fell 1.7 percent last week, the biggest weekly drop since April, the U.S. Energy Department said yesterday. Gasoline futures have dropped 17 percent since Aug. 2 to their lowest price in more than four months as the period of peak demand in the U.S. draws to a close.
``Gasoline has been the leader,'' said Tom Bentz, an oil broker with BNP Paribas Commodity Futures Inc. in New York. ``It's mid-August and there's a feeling we have seen the worst of the gasoline season'' without any hurricanes or demand surges to send prices higher.
Crude oil for September delivery fell 89 cents, or 1.2 percent, to $71 a barrel as of 10:49 a.m. on the New York Mercantile Exchange. Prices fell to $70.44 during the session, the lowest since June 26. Oil is still up 12 percent from a year ago.
Demand for the motor fuel fell 1.7 percent last week, the biggest weekly drop since April, the U.S. Energy Department said yesterday. Gasoline futures have dropped 17 percent since Aug. 2 to their lowest price in more than four months as the period of peak demand in the U.S. draws to a close.
``Gasoline has been the leader,'' said Tom Bentz, an oil broker with BNP Paribas Commodity Futures Inc. in New York. ``It's mid-August and there's a feeling we have seen the worst of the gasoline season'' without any hurricanes or demand surges to send prices higher.
Crude oil for September delivery fell 89 cents, or 1.2 percent, to $71 a barrel as of 10:49 a.m. on the New York Mercantile Exchange. Prices fell to $70.44 during the session, the lowest since June 26. Oil is still up 12 percent from a year ago.
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