Fog, and 31 ° F. 
NEW YORK (DTN) — New York Mercantile Exchange oil futures opened the regular trade session lower this morning, with September WTI crude futures expected to test short-term support near $71.09 bbl after falling overnight to a fresh six-week low on the continuation chart at $73.24.
Oil futures prices fell on concerns that a slowing U.S. economic growth would further erode fuel demand. Oil prices also came under pressure as global stock markets tumbled and the U.S. dollar rose to a five-week high against the euro.
At the 9:00 AM ET opening bell, the September crude contract was down 98cts at $73.45 bbl. The contract will expire at the close of trade this afternoon and so analysts expect volatility amid position squaring.
In products trade, September NYMEX No. 2 heating oil futures were down 1.69cts at $1.9838 gal at the open, after falling overnight to a 3-1/2 week low on the spot continuation chart at $1.9771. The contract is set to test initial support at $1.9760 and then key support at $1.9500.
September NYMEX RBOB gasoline futures were 1.40cts down at $1.9147 gal at the open, after falling to a near three-month low at $1.9085 on the spot continuation chart. The contract is seen challenging initial support at $1.910 gal, and then at $1.8715.
