Oil falls as IEA predicts demand growth will slow

Associated Press Modified: November 14, 2012 at 12:16 am •  Published: November 13, 2012
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The release of weekly U.S. supply data from the American Petroleum Institute and Department of Energy will be delayed by a day because of Monday's holiday, said oil analyst Stephen Schork, noting the seasonal drop in demand, which tends to weigh on prices.

"U.S. demand for crude oil tends to peak in early July and then ebb through early November, towards the end of the fall turnaround season," he said in an email commentary.

Brent crude, which is used to price international varieties of oil, fell 16 cents to $108.10 per barrel in London.

Among other energy futures on the New York Mercantile Exchange:

— Heating oil fell 0.1 cent to $2.96 per gallon.

— Gasoline futures rose 0.2 cents to $2.624 per gallon.

— Natural gas rose 1.9 cents to $3.758 per 1,000 cubic feet.