Updated on
Summary
Oil prices fell below $70 a barrel Thursday in Asia after surging overnight on signs US gasoline demand may be improving. Benchmark crude for November delivery was down 67 cents at $69.94 by midday in Singapore in electronic trading on the New York Mercantile Exchange. In London, Brent crude fell 62 cents to $68.45 the ICE Futures exchange. The EIA said demand for gasoline over the four weeks ended September 25 was 5.4 percent higher than last year. Crude supplies grew more than expected last week, according to the government report, and they have now swelled to 11.4 percent above what they were last year.
