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Oil falls on economic worries

Associated Press Modified: November 15, 2012 at 2:16 pm •  Published: November 15, 2012
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AAA said average gasoline prices at the pump fell a half-penny to $3.438 per gallon from Wednesday.

Oil prices had risen earlier in the day following Israel's attack on Islamic militants in Gaza. However, analysts downplayed the risk that the fighting poses to energy supplies.

In other energy futures trading on the New York Mercantile Exchange:

— Heating oil fell 1.47 cents to finish at $2.9735 per gallon.

— Wholesale gasoline rose 1.72 cents to end at $2.6962 per gallon.

— Natural gas fell 5.7 cents to finish at $3.7030 per 1,000 cubic feet. The EIA said gas supplies fell last week more than analysts expected, in the first weekly decline this year. Inventory levels are still 1.8 percent above where they were a year ago.