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Price of oil continues to fall; pump prices drop

The price of oil continued to drop, causing pump prices in the U.S. also to fall to their lowest since July 8.
Modified: September 23, 2013 at 9:41 pm •  Published: September 24, 2013
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In brief

Price of oil

falls lower

— The price of oil closed at a six-week low as the catalysts that drove it above $110 earlier this month lost strength.

Meanwhile, pump prices in the U.S. are the lowest since early July, and experts say they're likely headed lower.

Benchmark oil for November delivery fell $1.16, or 1.1 percent, to close at $103.59 on the New York Mercantile Exchange. Oil has dropped 6.3 percent since closing at a two-year high of $110.53 on Sept. 6.

In the U.S., the average price for a gallon of gasoline fell over the weekend to $3.47. That's the lowest level since July 8, and is 34 cents cheaper than at this time last year.

The price-watching site GasBuddy.com expects the price of gas to fall further as refineries produce ample amounts of fuel while demand remains about where it was a year ago.

Brent crude, the benchmark for international crudes used by many U.S. refineries, dropped $1.06 to $108.16 a barrel on the ICE Futures exchange in London.

Associated Press