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Crude oil slips back, nears $83

July 2, 2012 at 10:46 AM

NEW YORK, July 2 (UPI) -- Crude oil prices backpedaled Monday morning, heading toward $83 per barrel, with markets still adjusting to last week's European Union summit.

Prices had jumped 9.2 percent Friday after heads of state in Europe announced agreements on several policy initiatives meant to support the euro.

On Monday, prices eased cautiously back.

West Texas Intermediate crude oil shed $1.88 on the New York Mercantile Exchange to $83.08 per barrel.

Home heating oil prices dropped, giving up 4.52 cents to $2.6647 per gallon.

Reformulated blendstock gasoline hit $2.5875 per gallon, off 4.43 cents.

Natural gas for July delivery eased back to $2.813 per million British thermal units, off 0.11 cents.

At the pump, the national average price of unleaded gasoline fell to $3.326 per gallon Monday from Sunday's $3.33, AAA said.

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