WTI stands $7 lower than Aug. 1 peak

The price of West Texas Intermediate crude oil for September delivery was 52 cents lower to $71.63 per barrel at the close of floor trade on the New York Mercantile Exchange on Thursday, down more than $7 from it record high reached just nine days ago.

Analysts are worried that demand will slow on economic worries just as inventories are 11 percent above the five year average.

A report Wednesday said that demand in the US may have reached a peak for the year as the end of summer approaches and some schools return to classes as early as next week.

Brent crude September contracts, meanwhile, dropped 67 cents to $70.32 on the Intercontinental Exchange in London.