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Crude prices dip on weakened demand in U.S.
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08:17, September 25, 2008

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· Surge in Oil Prices
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Crude prices declined Wednesday as a U.S. government report showed oil demand shrank.

The U.S. government reported that oil demand over the past four weeks running 5.3 percent below last year in the midst of mounting economic turmoil in the world's largest fuel consumer.

The Energy Information Administration also said that until last week crude stocks tumbled by 1.5 million barrels, less than analyst expectations for a 2 million-barrel fall, while gasoline stocks fell by 5.9 million barrels, compared with analyst forecasts for a 4 million-barrel draw.

Distillate stocks were down 4.2 million barrels against calls for a 1.5 million-barrel drop.

Concerns over the U.S. economy and sliding fuel demand dragged crude prices.

Light, sweet crude for November delivery fell 88 cents to settle at 105.73 U.S. dollars per barrel, and London Brent crude fell 50 cents to 102.58 dollars a barrel.


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