Crude oil prices fell Friday more than they gained on Thursday as investors took profits and as the US dollar strengthened.
Other news that helped send prices lower included the reopening of a recently-sabotaged oil pipeline in Turkey following repairs, an estimate that output from Organization of Petroleum Exporting Countries member nations is up this month, and expectations that fewer people in the United States will be traveling over the upcoming Labor Day holiday weekend will hold gasoline demand lower.
West Texas Intermediate crude for October delivery was down $6.58 to $114.60 per barrel at the close of floor trade on the New York Mercantile Exchange, while October contracts for Brent crude dropped $6.37 to $113.79 per barrel on the ICE Futures Europe exchange in London.
Nymex September gasoline futures were down 18 cents to $2.86 per gallon while October heating oil was 11 cents lower to $3.22 per gallon.
At-the-pump prices for regular unleaded gasoline in the United States dropped another cent overnight to $3.692 per gallon on average nationally, adding to a string of declines that have lasted for more than a month since peaking in July.