Oil dips on demand worry

August 11, 2008

Oil fell for the sixth time in seven sessions as worries about Chinese demand offset supply concerns sparked by the growing conflict between Russia and Georgia. Crude oil fluctuated between $112 and $116, but settled down 75 cents at $114.45 a barrel. In the equity markets: blue chips rose 48 points to 11,782. The S&P 500 gained 9 points 1,305. The Nasdaq rallied 25 points to 2,439. Speaker: Fadel Gheit, senior energy analyst, Oppenheimer Conway Gittens reports from New York.