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Crude oil prices resume a retreat

June 7, 2012 at 7:21 PM   |   Comments

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WASHINGTON, June 7 (UPI) -- Oil prices dropped to less than $84 per barrel in New York Thursday in a price correction that market analysts had predicted.

On the New York Mercantile Exchange, West Texas Intermediate crude oil for July delivery fell from an overnight high of $87.03 per barrel to $83.72.

Natural gas for July delivery lost 0.2 cents to $2.272 per million British thermal units.

Home heating oil shed 1.14 cents to $2.6557 per gallon.

RBOB gasoline futures for July delivery lost 1.4 cents to $2.671 per gallon.

At the pump, the national average price of unleaded gasoline dropped a half-cent for the second consecutive day, falling to $3.56 per gallon from Wednesday's $3.565, 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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