Energy prices fall at close of business

NEW YORK, Oct. 23 (UPI) -- The price for a barrel of crude oil closed down nearly 1 percent Tuesday on the New York Mercantile Exchange after starting the trading session up.

The per-barrel price for crude fell 75 cents to finish at $85.27 on the exchange. Analysts told MarketWatch energy traders were expecting the standoff between Turkey and Kurdish rebels in northern Iraq would be resolved through diplomacy.

"We're seeing some more profit-taking," said Phil Flynn, an Alaron Trading analyst. "There's this hope by the market that maybe an attack will be avoided. We're taking some of that fear premium out of the market."

Also on the exchange Tuesday, gasoline closed down 2.45 cents at $2.1089 a gallon and heating oil closed down 1.1 cents at $2.2998 a gallon. Natural gas fell 13 cents at $6.761 per million British thermal units.

The decline in natural-gas prices is "mainly weather related," Flynn said, referring to forecasts for mild weather during the next few weeks.

At the pump, the AAA's Daily Fuel Gauge Report showed the price for a gallon of regular unleaded gasoline was $2.82 Tuesday, up from $2.819 reported Monday.