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Crude oil heads toward $86

Oct. 23, 2012 at 11:39 AM
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NEW YORK, Oct. 23 (UPI) -- Crude oil slipped to less than $87 per barrel Tuesday in New York on indications of weaker demand and reports of a repaired supply line.

Equity markets barely broke even Monday but resumed a striking downturn Tuesday morning as third quarter financial reports began coming in below expectations. In addition, TransCanada Corp. said its Keystone pipeline was back on line after three days of repairs.

December delivery West Texas Intermediate crude oil gave up $1.93 overnight to $86.39 per barrel on the New York Mercantile Exchange.

Natural gas prices added 3.3 cents to $3.485 per million British thermal units. Home heating oil lost 4.8 cents to $3.0188 per gallon. Reformulated blendstock gasoline lost 5.98 cents to $2.575 per gallon.

At the pump, the average price for a gallon of regular unleaded gasoline was $3.648 per gallon, down from Monday's $3.665, AAA reported.

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