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Oil slides on concerns about demand

Aug. 20, 2012 at 9:39 PM

NEW YORK, Aug. 20 (UPI) -- 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 $97 early in the day, slid to $95.97 per barrel on the New York Mercantile Exchange.

Natural gas lost 0.1 cents to $2.775 per million British thermal units.

Home heating oil gained 0.4 cents to $3.0935.

Reformulated blendstock gasoline climbed a 0.1 cent to reach $3.0318 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.

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