Oil off more than $3; CFTC cites demand for run-up

Oil's decline lifting some weight from motorists. Retail gas prices continue to fall away, with the cost for a gallon of gas dropping more than a penny overnight to $4.055, according to AAA, the Oil Price Information Service and Wright Express.

It is the first time since January that gas has fallen for two consecutive weeks, analyst and trader Stephen Schork said. Still, a gallon of gas still costs 30 percent more than it did last year, or more than 80 cents, he said.

In other Nymex trading, heating oil sank 6.97 cents to settle at $3.6782 per gallon, while gasoline futures tumbled 7.01 cents to settle at $3.147 per gallon.

In London, September Brent fell $2.27 to settle at $129.55 a barrel on the ICE Futures exchange.