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June 23, 2017

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Oil prices drop as gloom pervades economic outlook

BANGKOK--Oil prices fell on expectations for weaker demand after two closely watched surveys highlighted enduring global economic weakness.

Benchmark oil for November delivery was down 12 cents to US$92.07 per barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract rose 34 cents to finish at US$92.19 per barrel on the Nymex on Friday.

Brent crude was down 21 cents to US$112.18 on the ICE Futures exchange in London.

In other energy futures trading:

— Heating oil fell 1.4 cents to US$3.145 per gallon.

— Wholesale gasoline rose 1 cent to US$2.93 per gallon.

— Natural gas rose 6.6 cents to US$3.386 per thousand cubic feet.

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