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Crude oil price slides on IMF forecast

Jan. 23, 2013 at 6:45 PM   |   Comments

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NEW YORK, Jan. 23 (UPI) -- The price of crude oil slipped under $96 Wednesday, dropping on the International Monetary Fund's release of a forecast for slower global growth.

Gains in equities and a weak dollar are supporting prices, but the IMF released fresh projections for 2013, which was little changed around the globe from its October prediction -- except in the eurozone, which is now expected to contract slightly this year.

By the end of the session, oil had dropped 93 cents to reach $95.67 a barrel on the New York Mercantile Exchange.

Gasoline added 3.31 cents to $2.8521 a gallon.

Home heating oil dropped 0.21 cents to $3.06 a gallon.

Natural gas gained 0.2 cent to $3.572 per million British thermal units.

At the pump, AAA reported the national average price for regular unleaded gasoline rose to $3.316 per gallon from Tuesday's $3.31.

© 2013 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.
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