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Crude oil retreats under $96 per barrel

Aug. 29, 2012 at 6:59 PM   |   Comments

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NEW YORK, Aug. 29 (UPI) -- Crude oil prices slid under $96 a barrel Wednesday after finance ministers from the Group of Seven nations said they would keep markets amply supplied.

In a statement released Tuesday, the G7 ministers urged oil-producing countries to raise output. The group also applauded Saudi Arabia's pledge to increase production if necessary and said their own nations would be ready to draw on strategic oil reserves to keep prices from market-harming volatility.

On the New York Mercantile Exchange Thursday, West Texas Intermediate crude oil for October delivery shed 38 cents to $95.95 per barrel. Natural gas gave up 1.1 cents to $2.603 per million British thermal units.

Home heating oil lost 0.7 cents to $3.1215 per gallon.

Reformulated blendstock gasoline lost 0.47 cents to $2.9286 a gallon.

At the pump, the average price for a gallon of regular unleaded gasoline was $3.804 per gallon Wednesday, up from Tuesday's $3.756, AAA reported.

© 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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