facebook
twitter
rss
account
search
search
 

WTI crude slides under $86

Oct. 24, 2012 at 8:52 PM   |   Comments

| License Photo
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.

© 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.
Most Popular
1
Tesla could face sales ban in Michigan Tesla could face sales ban in Michigan
2
Early completion of refit of Italian aircraft carrier Early completion of refit of Italian aircraft carrier
3
Europe must drop the euro, Germany abandon mercantilism Europe must drop the euro, Germany abandon mercantilism
4
British Reaper UAVs join the fight against Islamic State British Reaper UAVs join the fight against Islamic State
5
Russia doesn't fear Azeri gas, scholar says Russia doesn't fear Azeri gas, scholar says
Trending News
Around the Web
x
Feedback