Oil prices close down, remain above $72

New York -- Oil prices closed down Monday but remained above $72 a barrel as traders took profits despite a report saying global oil demand would rise more than expected.

Light, sweet crude for August delivery fell 62 cents, or 0.85 percent, to close at $72.19 a barrel on the New York Mercantile Exchange.
The International Energy Agency said global oil demand would rise a higher-than-expected average 2.2 percent a year through 2012, from 86.1 million barrels a day to 95.8 million barrels a day.
"Despite four years of high oil prices, this report sees increasing market tightness beyond 2010, with OPEC spare capacity declining to minimal levels by 2012," IEA said.

August natural gas fell 3.4 cents, or 0.53 percent, at $6.410 per 1,000 cubic feet.

Heating oil shed 0.23 cents, or 0.11 percent, at $2.0928 a gallon.
Reformulated-gasoline blendstock for oxygen blending added 3.5 cents, or 1.52 percent, at $2.3446 a gallon.

AAA said the average U.S. retail regular unleaded gasoline price was $2.965 a gallon, up 0.003 cents from Sunday's $2.962 a gallon.

Copyright 2007 by United Press International.