Oil prices fell on Thursday to the lowest point for more than two months on signs that energy demand was waning in the United States, the world's biggest consumer of energy. After falling sharply in the United States last week, oil prices were higher in Asian trade, due to market expectations that US economic growth will continue strong. New York's main contract, light sweet crude for delivery in November, stood at US$61.99 a barrel.
Estimates indicate that US growth will remain strong in Q4 and demand for oil will grow with it. Though the US economy has shown signs of some slowdown, the payroll data and other data suggest that the hurricane had not hit the economy as badly as feared. Oil prices are also expected to get a boost with the onset of the northern hemisphere winter, which is likely to drive demand for heating fuel.
10-Oct-05 
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