Crude oil prices fall sharply

NEW YORK, Dec. 1 (UPI) -- Crude oil prices fell sharply on the New York Mercantile Exchange Monday as data showed U.S. manufacturing in decline.

Manufacturing activity fell to its lowest level since 1982, the Institute for Supply Management reported. Manufacturing data from China also pointed to a slowdown, marking declining demand from the world's first and second largest oil customers, The Wall Street Journal reported.

Crude oil prices dropped $5.68 per barrel Monday to $48.75. Heating oil prices fell 0.1105 cents to $1.6174 per gallon. Reformulated blendstock gasoline fell 0.1106 cents to $1.099 per gallon. Natural gas prices dropped 0.01 cents to $6.50 per million British thermal units.

At the pump, the average price for a gallon of regular unleaded gasoline was $1.82 Monday, down from Sunday's $1.825 a gallon, AAA said.