Crude oil fell on speculation that fuel-consumption declines in the U.S. will spread to other countries as their economies slow.
US gasoline demand was down 2.1 per cent through July as record prices and slower economic growth cut consumer spending, an American Petroleum Institute report showed. Europe's economy contracted for the first time since the introduction of the euro almost a decade ago, a report showed on Thursday.
Crude oil for September delivery fell 52 cents, or 0.5 per cent, to $115.48 a barrel at 9:14 am on the New York Mercantile Exchange. Prices are up 60 per cent from a year ago. Brent crude oil for September settlement rose 1 cent to $113.48 a barrel on London's ICE Futures exchange.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app