Crude oil and gasoline fell on the New York Mercantile Exchange Thursday, Bloomberg reported.
Lower capacity at U.S. refineries reduced demand for crude oil last week. At the same time, record high imports of gasoline and record high prices for it at the retail pump deflated the gas futures market.
Oil for November delivery hit a two-month low, down $1.19, or 1.9 percent, to $61.60 a barrel on Nymex at 1:55 p.m. London time, the lowest since Aug. 5. Gasoline fell 3.2 percent to $1.8469 a gallon on Nymex.
U.S. gasoline imports rose to a record of more than 1.4 million barrels a day in the week ended Sept. 30, according to the Energy Department. The national average retail price for gasoline last week was $2.928, up 12.5 cents from last week and up 99 cents from last year, according to the U.S. Energy Information Administration.
Demand for gas in the four weeks through the same day fell by 2.6 percent from a year earlier.
The price of crude in New York was at a record $70.85 a barrel on Aug. 30, the day after Katrina struck. It has fallen 13 percent since then. Gasoline futures on Nymex have slid 37 percent from a record $2.92 a gallon at the end of August.