Oil Prices Slip on New EIA Data

Crude prices are falling at the New York Mercantile Exchange Thursday after the Energy Information Administration reported that the damage Hurricane Gustav dealt to U.S. petroleum stores in the last week of August was largely counterbalanced by significant declines in demand for oil, gasoline and other prominent energy commodities.

The October West Texas crude contract was recently losing $2.34 at $107.01 a barrel, and Brent was down nearly $2.50 at $105.61 a barrel.

Reformulated gasoline was falling 7 cents at $2.70 a gallon, heating oil was sliding 6 cents at $3.02 a gallon, and natural gas was down more than 20 cents at $7.06 per million British thermal units. ...