Oil price drops after experts cut demand outlook

AP News
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Posted: Oct 12, 2011 4:30 PM
Oil price drops after experts cut demand outlook

Oil prices fell Wednesday after a group of energy experts cut its forecast for global crude demand.

Here's how energy contracts traded Wednesday:

On the New York Mercantile Exchange:

Crude fell 24 cents to end at $85.57 per barrel.

Gasoline was unchanged to finish at $2.749 per gallon.

Heating oil rose 3.1 cents to end at $2.935 per gallon.

Natural gas lost 12.7 cents to finish at $3.489 per 1,000 cubic feet.

On the ICE Futures exchange in London:

Brent crude rose 63 cents to end the day $111.36 per barrel.