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Crude oil slips under $108

Feb. 27, 2012 at 5:16 PM   |   Comments

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NEW YORK, Feb. 27 (UPI) -- Crude oil prices slid to less than $108 per barrel Monday, pulling back from last week's rally.

Tension in the Middle East has given rise to talk of Saudi Arabia and Nigeria increasing production for April. The moves could put supply worries in check, but tension over Iran's alleged nuclear weapons program remains.

April delivery West Texas Intermediate crude priced on the New York Mercantile Exchange shed $1.06 cents in recent trading to hit $107.76 per barrel. Home heating oil shed 1.6 cents to $3.2669 per gallon. Reformulated gasoline shed 2.66 cents to $3.2761 per gallon.

Henry Hub natural gas prices dropped 0.3 cents to $2.60 per million British thermal units.

The national average price of unleaded gasoline added a penny Sunday to Monday, climbing to $3.698 per gallon from $3.688, AAA said.

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