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U.S. markets recover from steep losses
NEW YORK, Jan. 21 (UPI) -- Crude oil prices slid under $76 per barrel Thursday after President Barack Obama shook up equity markets with proposals to rein in banks.
Obama's proposals include prohibiting commercial banks from owning hedge funds or private-equity firms. He also proposed limiting the size of banks by applying the principal of a deposit cap to liabilities other than bank deposits.
On supply-and-demand concerns, the Energy Information Administration said U.S. crude oil fell by 0.4 million barrels in the week ending Jan. 15.
Gasoline inventories rose by 3.9 million barrels during the week with both products remaining above the upper limit of the average range for this time of year.
Demand for motor gasoline on a four-week rolling average is off 0.2 percent from the same period a year ago, while distillate fuel demand is down 6.8 percent, EIA said.
The price of light, sweet crude dropped $1.94 Thursday to $75.80 per barrel. Heating oil prices fell 0.0388 cents to $1.9823 per gallon. Reformulated gasoline prices shed 0.0622 cents to $1.9843 per gallon. Natural gas prices added 0.149 cents to $5.645 per million British thermal units.
At the pump, the national average price of unleaded gasoline dropped to $2.733 per gallon Thursday from Wednesday's $2.737, AAA said.
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