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Crude oil prices drop under $99

May 4, 2012 at 6:19 PM   |   Comments

NEW YORK, May 4 (UPI) -- The price of crude oil in New York plunged Friday to less than $99 per barrel after a U.S. Labor Department report indicated the economic recovery had stalled.

The U.S. economy added 115,000 jobs in April and the unemployment rate dropped from 8.2 percent to 8.1 percent. But the lower rate was pushed significantly by the 522,000 people who quit looking for work, statistics indicate.

Traders also took note of equity markets, which were down sharply in Europe and on Wall Street.

On the New York Mercantile Exchange, West Texas Intermediate crude oil for June delivery gave up $3.89 and slipped to $98.65 per barrel. Natural gas lost 6.6 cents to $2.289 per million British thermal units.

Home heating oil shed 7.94 cents to $3.0275 per gallon.

Reformulated blendstock gasoline gave up 2.6 cents to $3.046 per gallon.

At the pump, the national average price of unleaded gasoline dropped from Thursday's $3.803 per gallon to $3.802, AAA said.

© 2012 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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