Oil nosedives to USD 129.29 a barrel

Oil prices plunged further on Thursday (July 17) on concern that slower global economic growth is curbing fuel consumption.

Light sweet crude for August delivery tumbled USD 5.31 to settle at USD 129.29 a barrel on the New York Mercantile Exchange (NYMEX).

Gasoline futures fell 11.61 cents to settle at USD 3.1633 a gallon. The retail price of a gallon of regular gas stood at at a record USD 4.114 per gallon.

Heating oil futures fell 9.72 cents to settle at USD 3.7438 a gallon at the NYMEX.

In London, September Brent crude fell USD 5.12 to settle at USD 131.07 a barrel on the ICE Futures exchange.

Natural gas futures fell more than 8% on larger-than-expected increase of US supplies.