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Crude oil drops below $94

May 15, 2012 at 6:26 PM   |   Comments

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NEW YORK, May 15 (UPI) -- Crude oil prices dropped to less than $94 a barrel on the New York Mercantile Exchange Tuesday on concerns about global demand.

The European Commission said Tuesday that the gross domestic product in the eurozone was flat in the first quarter and up 0.1 percent in the European Union as a whole.

West Texas Intermediate crude oil closed 80 cents lower at $93.98 per barrel, the lowest price since December. Natural gas for June delivery rose 6.9 cents to hit $2.50 per million British thermal units.

Home heating oil was down 0.05 to $2.9290 per gallon.

Gasoline lost 1.49 cents to reach $2.9441 per gallon.

At the pump, the national average price of unleaded gasoline was unchanged Monday to Tuesday at $3.727 per gallon, 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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