Oil prices drop as dollar gains Thursday

NEW YORK, Aug. 14 (UPI) -- Crude oil prices dropped Thursday on the New York Mercantile Exchange as the dollar gained against the euro.

The euro fell as far as $1.4777 in midday trading, a six-month low.

Investors are also concerned slumping economies will result in "rampant amount of demand destruction in the market," Stephen Schork, editor of the Schork Report markets newsletter told The Wall Street Journal.

Crude oil fell $1.68 to $114.74 per barrel. Heating oil prices fell 0.0011 cents to $3.103 per gallon. Reformulated blendstock gasoline prices fell 0.0389 cents to $2.9041 per gallon. Natural gas prices fell 0.045 cents to $8.06 per million British thermal units.

The national average retail price of unleaded regular gasoline fell 0.009 cents to $3.778 per gallon, the AAA Daily Fuel Gauge Report said.