Reply #3: Oil prices hover above $72 amid demand concerns [View All]

KUALA LUMPUR, Malaysia – Oil prices hovered above $72 a barrel Wednesday in Asia after tumbling more than 3 percent overnight, weighed down by concerns over slowing demand in the United States, the world's largest energy consumer.

Benchmark crude for October delivery was up 43 cents at $72.48 a barrel by late afternoon Singapore time in electronic trading on the New York Mercantile Exchange.

Prices briefly touched $75 per barrel Tuesday for the first time in 10 months, buoyed by new signals of rising U.S. consumer confidence, but fell back to settle at $72.05 after a new report from Washington projected a cumulative $7 trillion U.S. deficit for the next decade.

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In other Nymex trading, gasoline for September delivery gained 0.76 cent to $2.0172 a gallon and heating oil added 0.76 cent to $1.8635 a gallon. Natural gas was little changed at $2.881 per 1,000 cubic feet.

http://news.yahoo.com/s/ap/oil_prices