Oil prices fell by more than $1 a barrel on Friday, dipping below $67 as traders focused on slackening demand and rising supplies.
Crude futures have pulled back more than 15 percent from their all-time high in mid-July to levels not seen since early April. The Atlantic hurricane season so far has been tame and there is growing skepticism that the diplomatic standoff between the West and Iran will prompt OPEC's No. 2 producer to pull supply off the market.
Gasoline demand traditionally slips after Labor Day and it will be a month or more before demand for heating oil and other winter fuels picks up in many parts of the country.