Oil prices rebound slightly Thursday

July 24, 2008 at 4:12 PM
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NEW YORK, July 24 (UPI) -- An eight-day slide in crude oil prices turned around Thursday with prices making a modest comeback on the New York Mercantile Exchange.

Crude oil prices have dropped more than $22 from the July 11 record of more than $147 per barrel. Thursday ended the most recent downward trend with a gain of 59 cents, as oil closed at $125.30 per barrel in New York.

Analysts have said the weakening economy is undermining the demand for oil, bringing prices down. The U.S. Energy Information Administration Wednesday said U.S. gasoline inventories rose by 2.8 million barrels in the week ending July 18, an indication that consumers may be cutting back on fuel consumption.

On Thursday, the price of heating oil fell 0.0069 cents to $3.5671 per gallon. Reformulated blendstock gasoline prices fell 0.002 cents in late trading to $3.0574 per gallon. Natural gas prices fell 0.021 cents to $9.302 per million British thermal units.

At the pump, the national average price for a gallon of unleaded regular gasoline fell 0.016 cents to $4.026 per gallon, AAA said.

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