Oil Prices Fall by Nearly $1

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Oil prices fell by nearly $1 a barrel after OPEC lowered its 2005 global demand forecast because of reduced consumption in China during the first half of the year and expectations of slower economic growth in other Asian countries.


Light, sweet crude for August delivery fell 77 cents to settle at $57.32 a barrel on the New York Mercantile Exchange. Heating oil dropped 3.05 cents to $1.6316 a gallon, while unleaded gasoline fell 4.1 cents to $1.6473. On London’s International Petroleum Exchange, Brent futures for September delivery fell 62 cents to settle at $56.99 a barrel.


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