MARKET WATCH: Oil prices continue downward dip

The September contract for benchmark US light, sweet crudes fell 97¢ to $103.40/bbl Aug. 8 on the New York Mercantile Exchange. The October contract dropped $1.04 to $102.87/bbl.

Heating oil for September delivery lost less than 1¢ to settle practically unchanged at $2.96/gal on NYMEX. Reformulated stock for oxygenate blending for the same month declined 1.3¢ to $2.86/gal.

The September natural gas contract increased 5¢ to close at a rounded $3.30/MMbtu on NYMEX. On the US spot market, gas at Henry Hub, La., lost about 3¢ to $3.27/MMbtu.

In London, the September IPE contract for North Sea Brent declined 76¢ to $106.68/bbl. Gas oil for August was down $10 to $896/tonne.

The average price for the Organization of Petroleum Exporting Countries’ basket of 12 benchmark crudes decreased 42¢ to $104.47/bbl.

Correcction: It was incorrectly reported Aug. 8 that the OPEC secretariat would not report another basket price before Aug. 12.

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