Crude oil prices droped on Monday amid increased supply and world oil demand growth is slowing
Crude oil prices droped on Monday amid increased supply and world oil demand growth is slowing.
Light sweet crude October contract futures plunged by 75 cents to $63.33 per barrel in closing trade on the NYMEX. The gasoline for delivery in October slipped 9 cents to $1.87 a gallon.
Brent crude for October delivery tumbled $1.04 to close at $61.80 per barrel on the International Petroleum Exchange.
The the International Energy Agency (IEA) said Friday that the total world supply situation in August was 2.0 million barrels a day above the figure 12 months earlier. Oil's rally, which has pushed prices up by 50 percent since the start of the year, is putting the brakes on consumption -- with the IEA revising down its forecast for world demand growth this year by 250,000 bpd to 1.35 million bpd last Friday.
A U.S. nationwide survey released Sunday found that damage to Gulf Coast oil production pushed retail gas prices to historic highsin the past two weeks in the United States, with self-serve regular averaging 3 dollars a gallon
