facebook
twitter
search
search

Crude oil slides for second day

April 12, 2011 at 6:57 PM
| License Photo

NEW YORK, April 12 (UPI) -- Crude oil prices settled under $106 per barrel in New York Tuesday, as traders considered a shrinking U.S. trade deficit.

The U.S. Commerce Department said the trade gap dropped from $47 billion in January to $45.8 billion in February. The decrease was helped along by a half-billion dollars less spent with the Organization of Petroleum Exporting Countries. The shrinkage from $9.9 billion to $9.4 billion points to waning demand just prior to a traditional spring increase in driving.

On the New York Mercantile Exchange, crude oil shed $4.05 from Monday's $109.92 to $105.87 per barrel, a drop of 3.6 percent. Home heating oil prices added 0.87 cents from a recent settlement to $3.1813 per gallon. Reformulated blendstock gasoline prices gained 0.84 cents to $3.1725 per gallon.

Henry Hub natural gas prices shed 0.5 cents to $4.093 per million British thermal units.

At the pump, the national average price of unleaded gasoline rose to $3.791 per gallon Tuesday from Monday's $3.77, AAA said.

Related UPI Stories
Latest Headlines
Trending Stories
Einstein vindicated: Scientists find gravitational waves
Vatican: Bishops not required to report abuse to police
Nicola Griffin to appear in Sports Illustrated swimsuit issue at 56
Dementia rates decline in U.S., researchers unsure why
'El Chapo' drug empire's alleged financial operator arrested in Mexico