NEW YORK (AP) - Oil prices slumped yesterday as new signs of listless economic growth reinforced concerns about whether Americans will soon spend more on fuel.
Benchmark crude oil for October delivery fell 99cents to settle at $74.43 per barrel on the New York Mercantile Exchange. Crude prices have retreated about 7.6percent in the past two weeks amid reports that economic growth slowed.
Economic data released yesterday added to the worries that demand for oil and gas will remain weak. The Labor Department said that claims for jobless benefits rose more than expected last week, and the Federal Reserve of Philadelphia said that manufacturing activity in the mid-Atlantic region dropped in August.
The average retail price of gasoline was $2.73 a gallon yesterday, 4.6cents less than a week ago, according to AAA, Wright Express and the Oil Price Information Service.
