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Tuesday, October 11, 2011

Oil prices fell october 11 2011

Oil prices fell october 11 2011 : Oil prices fell below $85 per barrel Tuesday after OPEC cut its estimate for world oil demand for this year and said it expects no growth in demand for 2012. Benchmark crude fell 71 cents to $84.70 per barrel in morning trading in New York.


Oil prices rose sharply on Monday along with the stock market as fears of a recession faded. But OPEC said Tuesday that the weakening world economy was taking its toll on oil demand, especially in developed nations.

The Organization of Petroleum Exporting Countries said demand will be about 180,000 barrels per day less than forecast for 2011 and 100,000 barrels per day less than forecast for 2012.

While the U.S. may avoid another recession, rising oil prices could keep retail gasoline prices from sinking as low as some thought they might this year. Pump prices have been falling almost every day since the first week of September. They leveled off on Monday at a national average of $3.395 per gallon, according to AAA, Wright Express and Oil Price Information Service. A gallon of regular has dropped an average of 27 cents since Sept. 5. It's still about 59 cents higher than a year ago.

In other energy trading, heating oil rose 4.51 cents to end at $2.9039 per gallon and gasoline futures rose 4.77 cents to finish at $2.6953 per gallon. Natural gas futures rose by 6 cents to end at $3.541 per 1,000 cubic feet. For the latest updates PRESS CTR + D or visit Stock Market news Today

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