Oil prices fall overnight

New York -- Crude oil prices fell in overnight trading Friday, skidding to $113.55 per barrel on the New York Mercantile Exchange.

Slowing economies and the dollar's rise against the euro pressured prices this week. On Thursday, the euro reached a six-month low against the dollar at $1.4777 in midday trading. Economic slumps in Europe and Asia also signal a crumbling demand for oil.

"Worries about an economic slowdown in the United States and Europe, and even Japan, are weighing on the oil market," Victor Shum, an energy analyst with Purvin & Gertz in Singapore told The Wall Street Journal.

Oil prices dropped $1.46 Friday to $113.55 per barrel. Heating oil prices fell 0.00161 cents to $3.083 per gallon. Reformulated blendstock gasoline prices fell 0.0371 cents to $2.8749 per gallon. Natural gas prices fell 0.035 cents to $8.101 per million British thermal units.

The national average retail price of unleaded regular gasoline fell 0.007 cents to $3.771 per gallon, the AAA Daily Fuel Gauge Report said.

Copyright 2008 by United Press International.