Oil falls to $115.48/bbl

OIL WATCH

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.