MARKET WATCH: Oil price continues decline

The September contract for benchmark US light, sweet crudes fell 93¢ to $104.37/bbl Aug. 7 on the New York Mercantile Exchange. The October contract dropped 85¢ to $103.91/bbl.

Heating oil for September delivery lost 4.41¢ to $2.96/gal on NYMEX. Reformulated stock for oxygenate blending for the same month declined 4.4¢ to $2.87/gal.

The September natural gas contract declined 7¢ to close at a rounded $3.25/MMbtu on NYMEX. On the US spot market, gas at Henry Hub, La., lost about 6¢ to $3.30/MMbtu.

In London, the September IPE contract for North Sea Brent declined 74¢ to $107.44/bbl. Gas oil for August was down $3.25 to $906/tonne.

The secretariat for the Organization of Petroleum Exporting Countries reported Aug. 8 that it will next report the basket price of 12 benchmark crudes on Aug. 12. OPEC’s basket price stood at $105.56/bbl on Aug. 6.

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