NEW YORK, Oct. 24 (UPI) -- Crude oil slipped to less than $86 per barrel Wednesday in New York as oil supplies are expected to outstrip demand.
The dynamics of supply and demand may favor supply by as much as 630,000 barrels per day, industry forecasters said.
The Wall Street Journal reported Wednesday that tensions in the Middle East did not disrupt supply as much as was predicted, which meant countries that ramped up production anticipating a drop in output may have done so prematurely.
December delivery West Texas Intermediate crude oil gave up 83 cents to $85.84 per barrel on the New York Mercantile Exchange.
Natural gas prices lost 2.4 cents in late trading to $3.426 per million British thermal units. Home heating oil added 0.31 cents to $3.0295 per gallon. Reformulated blendstock gasoline gained 0.4 cents to $2.5953 per gallon.
At the pump, the average price for a gallon of regular unleaded gasoline was $3.625 per gallon, down from Tuesday's $3.648, AAA reported.
|Additional Business News Stories|
ANKARA, Turkey, June 20 (UPI) --An oil pipeline planned from the Kurdish region of northern Iraq to Turkey may go to, but not cross, national borders, a Turkish official said.
SEOUL, June 20 (UPI) --South Korea will buy Taurus KEPD 350 cruise missiles for its Lockheed/Boeing F-15K Strike Eagle fighters, the first strategic weapon purchase not from an American supplier, Yonhap news agency reported.