Oil prices hover above $72 in Asia because of concerns over slowing US demand

After reaching a 10 month high last thursday,the oil prices in Asia plummeted to a lower value of $72. This downfall was amid the concerns over slowing demand for oil in the US, the world's largest energy copnsumer.
Benchmark crude for October delivery was up by 43 cents at $72.48 a barrel by late afternoon Singapore time in electronic trading on the New York Mercantile Exchange.
The oil prices reached their 10 month peak, buoyed by new signals of rising U.S. consumer confidence but descended from that value to settle at $72.05 after a new report from Washington projected a cumulative $7 trillion U.S. deficit for the next decade.
Energy prices had risen sharply this year, riding on a rally in equity markets mostly on the belief that the global economy is improving and demand will rebound soon.