Crude futures fell by more than $1 Thursday, dipping below $58 a barrel, as reports from the government and an international energy watchdog eased supply concerns.
The federal Energy Information Administration released data that showed natural gas in storage grew more than expected last week. And the International Energy Agency said in a monthly report that global oil demand growth in 2005 would be slightly lower than previously expected.
Light sweet crude for December delivery fell $1.23 to $57.70 a barrel in midday trade on the New York Mercantile Exchange, the lowest level for front-month contract in nearly four months.
