Price for WTI, Brent lower on session

The price of crude oil was lower Thursday on continuing worries about demand.

Adding to concerns because demand remains weak and the EIA reported that imports of crude into the US fell last week, a report from Cambridge Energy Research Associates, a private energy consultancy, forecast that demand will continue to weaken as more energy efficient vehicles are produced and the emphasis shifts to alternative fuels.

December contracts for West Texas Intermediate crude was down 84 cents to $79.56 per barrel near the close on the New York Mercantile Exchange, while at last report December Brent crude was also 84 cents lower, to $78.05 per barrel on the ICE Futures Europe exchange in London.

Meanwhile, prices for December natural gas futures were up slightly despite a report from the US Energy Information Administration that natural gas stockpiles in the lower 48 US states added 20 billion cubic feet last week to a record high of 3.79 trillion cubic feet, more than 12 percent above the five-year average.

Nymex December natural gas added 2 cents to $4.75 per million British thermal units while December gasoline futures were down 2 cents to $1.99 per gallon and December heating oil dropped 3 cents to $2.07 per gallon.

The retail price of a gallon of gasoline dropped again overnight, by less than a cent, to $2.682 per gallon on average, according to AAA.