Oil falls on disappointing economic news; raises concerns about demand during summer season

Oil prices fall on disappointing economic news

Oil prices tumbled after disappointing economic news triggered worries about whether demand would pick up at all during the typically busy summer season.

Here’s a breakdown of how energy prices traded on Thursday.

On the New York Mercantile Exchange:

Crude: dropped $2.68, or 3.5 percent, to settle at $72.95

Gasoline: dropped 6.28 cents to settle at $1.9976 a gallon.

Heating oil: fell 7.58 cents to settle at $1.9385 a gallon.

Natural gas: rose 23.8 cents to settle at $4.854 per 1,000 cubic feet.

On the ICE futures exchange:

Brent crude: gave up $2.67 to settle at $72.34 a barrel.