Oil Prices Slip on Flagging Demand

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Crude futures fell more than $1 a barrel Friday, extending their losses amid signs of weak U.S. gasoline demand coupled with reports that more refineries in the U.S. Gulf region were back on line after hurricanes Katrina and Rita.


Light sweet crude for November delivery slipped $1.08 to $62 a barrel in electronic trading on the New York Mercantile Exchange by midday in Europe. The contract had fallen $1.04 to settle at $63.08 a barrel on Thursday. Gasoline declined 6 cents to $1.6950 a gallon, while heating oil fell 7 cents to $1.9266. On London’s International Petroleum Exchange, November Brent crude futures, which expire at the end of trading Friday, were down $1.10 at $59.04 a barrel.


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