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Oil Prices Fall After Government Reports Demand for
Oil, Gasoline Appears to Be Weakening
NEW YORK (AP) --
Oil prices pulled back sharply Wednesday after the government released data suggesting that the high price of oil and gasoline are depressing demand for petroleum products.
The demand numbers in the Energy Information Administration's weekly inventory report overshadowed data showing that supplies of oil grew less than expected last week, while gasoline and heating oil supplies fell.
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Gas prices at the pump, meanwhile, slipped lower for the third day while diesel fuel rose to another record.
Overall consumption of oil and its products fell by 3.2 percent over the last four weeks compared to the same period last year, the EIA said. Demand for gasoline fell by 1 percent over the same period.
"It doesn't look like we've got much in the way of demand here for gasoline," said Tim Evans, an analyst at Citigroup Inc., in New York.