Crude oil drops under $85

Nov. 7, 2012 at 6:19 PM

NEW YORK, Nov. 7 (UPI) -- Crude oil prices shifted lower in New York Wednesday, slipping under $85 per barrel as traders reacted to President Barack Obama's re-election victory.

Giving a sense of the international community's reaction to the national election, the dollar index rose overnight, gaining 0.21 percent to 80.80 on the International Exchange.

On the New York Mercantile Exchange, West Texas Intermediate crude oil for December delivery gave up $3.85 to $84.60 per barrel.

Reformulated gasoline prices added 3.19 to $2.5973 per gallon. Home heating oil lost 0.3 cents to $2.9624 per gallon.

Natural gas prices lost 0.8 cents to $3.57 per million British thermal units.

At the pump, the national average price of unleaded gasoline dropped to $3.462 per gallon, down from Tuesday's $3.463, AAA said.

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