Oil prices dip as demand angst renewed

0 Comments | AFP, August, 2008

NEW YORK (AFP) — World oil prices declined Thursday as demand angst re-emerged a day after prices had risen in the wake of a report showing a sharp drop in US gasoline stocks, traders said.

The dip put an end to price gains which started on Tuesday after crude prices in London struck a four-month low point near 110 dollars.

New York's main oil futures contract, light sweet crude for September delivery, lost 99 cents to close down at 115.01 dollars per barrel. The contract had rallied almost three dollars a day earlier.

In London, Brent North Sea crude for September delivery declined 83 cents to settle at 112.64 after adding 2.32 dollars the previous day.

"Crude has regained some of its losses over the past few trading sessions reacting to the...