U.S. oil slips on supply, demand fears

New York -- U.S. oil prices slipped Wednesday morning after a record close the session before amid growing fears about crude supplies' ability to meet winter demand.

Light, sweet crude for October delivery edged down 2 cents, or 0.3 percent, to $78.21 in mid-morning trading on the New York Mercantile Exchange.

October natural gas rose 14 cents, or 2.29 percent, to $6.07 per 1,000 cubic feet.

Heating oil added 0.28 cents, or 0.13 percent, to $2.1855 a gallon.
Reformulated-gasoline blendstock for oxygen blending fell 0.36 cents, or 0.18 percent, at $1.9775 a gallon.

AAA said the average U.S. retail regular unleaded gasoline price was $2.815 a gallon, up 0.1 cents from Tuesday's $2.814 a gallon.

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Copyright 2007 by United Press International.