Crude futures slipped below two-month lows Thursday amid signs that U.S. demand for gasoline may be waning because of high prices at fuel pumps, AP reported. Gasoline and heating oil fell as well. But analysts suggested that the coming Western hemisphere winter could push prices upward again, with demand for heating oil outstripping supply because of refinery shortfalls and tight imports. Light, sweet crude for November delivery fell 63 cents to US$62.16 a barrel by midday in Europe in electronic trading on the New York Mercantile Exchange. The contract slid US$1.11 to settle at US$62.79 per barrel Wednesday, the lowest since Aug. 5. November Brent futures at London's International Petroleum Exchange fell 78 cents to US$59.34 a barrel. Heating oil fell more than 3 cents to US$1.9833 a gallon (3.8 liters) while gasoline also dipped more than 3 cents to US$1.8740. Natural gas gained 1.6 cents to US$14.199 per 1,000 cubic feet. The U.S. Energy Department said Wednesday that fuel consumption in the past month fell by nearly 3 percent compared with last year. Experts said demand was falling due to high pump prices and an economic slowdown in parts of the United States affected by hurricanes Katrina and Rita, such as the Gulf Coast states.
