facebook
twitter
rss
account
search
search
 

Crude oil slides on production increase

Dec. 10, 2012 at 7:21 PM   |   Comments

NEW YORK, Dec. 10 (UPI) -- Crude oil prices slipped under $86 per barrel in New York Monday in what traders are finding is a well-supplied market.

The U.S. Energy Information Administration said in a recent report oil production in Texas and North Dakota surged in September, rising 16 percent over September 2011 or by 900,000 barrels to 6.5 million barrels a day. That is the highest domestic production rate since January 1998.

On the New York Mercantile Exchange, West Texas Intermediate crude oil dropped 32 cents to $85.61 per barrel. Home heating oil lost 0.83 cents to reach $2.907 a gallon. Reformulated blendstock gasoline shed 0.81 cents to $2.5592 a gallon. Natural gas fell 11.4 cents to $3.431 per million British thermal units.

At the pump, AAA reported a national average price for regular unleaded gasoline at $3.34 per gallon, down from Sunday's $3.347.

© 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
Russian bank boss feeling sanctions pain Russian bank boss feeling sanctions pain
2
Additional sub-components being made for Ballistic Missile Defense radar Additional sub-components being made for Ballistic Missile Defense radar
3
Navy's Triton surveillance drone flies cross-country Navy's Triton surveillance drone flies cross-country
4
Ukraine's State Guard Service receives armored personnel carriers Ukraine's State Guard Service receives armored personnel carriers
5
Army deploying JLENS radar system to help protect Washington, D.C. Army deploying JLENS radar system to help protect Washington, D.C.
Trending News
Video
x
Feedback