Wednesday, August 13, 2008

Oil slips to USD 113.01 a barrel

Oil prices plunged further on Tuesday, August 12 on worries about slowing global demand and a stronger dollar.

Light, sweet crude for September delivery fell USD 1.44 to settle at USD 113.01 a barrel on the New York Mercantile Exchange (NYMEX).

Gasoline futures fell 2.34 cents to settle at USD 2.8432 a gallon. The retail price of a gallon of regular gas stood at USD 3.799.

Heating oil futures fell 4.14 cents to settle at USD 3.0781 a gallon at the NYMEX.

In London, September Brent crude futures fell USD 1.52 to settle at USD 111.15 a barrel on the ICE Futures exchange.

Natural gas futures shed 1.9 cents to settle at USD 8.33 per 1,000 cubic feet.