OIL prices lost more ground yesterday as discouraging global economic news reinforced concerns about slowing consumer demand for energy products.

Benchmark crude for September delivery fell US$2.28 to settle at US$75.74 on the New York Mercantile Exchange. Prices declined for a third straight day.

Gasoline pump prices have remained fairly stable as priorities shift from summer vacations to fall routines like back-to-school shopping. The national average for a gallon of unleaded gasoline was US$2.776 on yesterday, about a penny higher than a week ago and 13.1 cents higher than a year ago, according to AAA, Wright Express and Oil Price Information Service.

Oil prices have retreated almost 8 percent in the past week with signs of slower growth in the U.S., China and the U.K.

The news didn't improve yesterday as the Labor Department said last week's applications for jobless benefits reached the highest level in almost six months.

In addition, stocks fell on disappointing earnings from Cicso Systems Inc., Sara Lee Corp. and retailer Kohl's Corp. The Dow Jones Industrial Average closed down almost 59 points. The NASDAQ and the S&P 500 were lower as well.

Oil traders are worried that slower economic growth will mean consumers will buy less gasoline, natural gas and other energy products.

"The mood right now is a little bit of uncertainty and very slow growth, and if that's the case your energy products are going to take it on the chin," Lind-Waldock senior market strategist Rich Ilczyszyn said. "I think global demand is the main driver in the energies right now."

He said factors that could turn prices higher include weather, such as a hurricane shutting down Gulf of Mexico production, or a negative global political development.

The Energy Department said natural gas stockpiles continued to expand last week and remain nearly 8 percent above the five-year average.

With fall about a month away, Cameron Hanover energy consultancy said it does not expect natural gas prices to strengthen much in the near future.

Weather patterns over the next 10 weeks "will tell us a good deal about what kind of winter we should expect," the analysts wrote.

In other Nymex trading in September contracts, natural gas lost 3 cents to settle at US$4.296 per 1,000 cubic feet; heating oil fell 7.37 cents to settle at US$2.0015 a gallon and gasoline dropped 4.28 cents to settle at US$1.9548 a gallon.

In London, Brent crude gave up US$2.12 to settle at US$75.52 a barrel on the ICE Futures exchange.

• yesterday [´jestədi] n.&ad.昨天；前不久 (初中英语单词)
• energy [´enədʒi] n.活力，精力；能力 (初中英语单词)
• stable [´steibəl] n.马棚 a.稳固的 (初中英语单词)
• addition [ə´diʃən] n.加；加法；附加物 (初中英语单词)
• industrial [in´dʌstriəl] a.工业的，产业的 (初中英语单词)
• mexico [´meksikəu] n.墨西哥 (初中英语单词)
• strengthen [´streŋθən, ´strenθən] vt.加强 vi.变强 (初中英语单词)
• barrel [´bærəl] n.(琵琶)桶；圆筒 (初中英语单词)
• consumer [kən´sju:mə] n.消费者；用户 (高中英语单词)
• delivery [di´livəri] n.送交；分娩；交货 (高中英语单词)
• gasoline [´gæsəli:n] n.汽油 (高中英语单词)
• gallon [´gælən] n.加伦 (高中英语单词)
• senior [´si:niə] a.年长的 n.前辈 (高中英语单词)
• negative [´negətiv] a.否定的 n.否定词 (高中英语单词)
• expand [ik´spænd] vt.张开；膨胀；扩大 (高中英语单词)
• uncertainty [ʌn´sə:tənti] n.不可靠；不确定的事 (英语四级单词)
• hurricane [´hʌrikən] n.飓风 (英语四级单词)
• earnings [´ə:niŋz] n.收益；报酬；获得 (英语六级单词)
• hanover [´hænəvə] n.汉诺威 (英语六级单词)