Crude prices fall before OPEC decision

Published: Sept. 9, 2008 at 7:08 PM
Hurricane Ike travels over Cuba

NEW YORK, Sept. 9 (UPI) -- Crude oil prices dropped on the New York Mercantile Exchange as reports indicated Hurricane Ike would steer away from most Gulf of Mexico oil facilities.

Key oil ministers from the Organization of Petroleum Exporting Countries also signaled, prior to a meeting in Vienna, that current production levels would remain intact.

Crude oil prices fell to a five-month low reaching $103.26 per barrel Tuesday morning, down $$3.35 from Monday. Heating oil prices fell 0.1003 cents to $2.9247 per gallon. Reformulated gasoline prices fell 0.0874 cents to $2.6526 per gallon, while natural gas prices fell 0.07 cents to $7.535 per million British thermal units.

At the pump, U.S. motorists were paying an average of $3.652 for a gallon of regular, unleaded gasoline, down 0.006 cents from Monday's $3.658, the AAA said.

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