facebook
twitter
search
search

Crude oil drops $1.28 per barrel Tuesday

April 30, 2013 at 6:18 PM
| License Photo

NEW YORK, April 30 (UPI) -- Crude oil prices dropped down near $93 per barrel Tuesday on the New York Mercantile Exchange.

A lull in the U.S. economic recovery was being viewed with mixed reactions. While pointing to less robust demand than expected, it also indicates the U.S. Federal Reserve will maintain its current economic policy, which is keeping interest rates low to fuel business expansion.

Traders were keeping an eye on developments in Brazil. MarketWatch said state-run oil company Petroleo Brasileiro announced production at the off-shore Frade oil field could re-start soon. Oil giant Chevron was given a green light to re-open production in the field after on it was corked 12 months ago due to an oil spill.

With the economic uncertainty, West Texas Intermediate crude oil gave up $1.28 to $93.13 per barrel.

Gasoline prices lost 2.82 cents to $2.7874 a gallon.

Home heating oil dropped 3.59 cents to $2.8292 a gallon.

Natural gas dropped 2.6 cents to reach $4.348 per million British thermal units.

At the pump, the average price of a gallon of regular unleaded gasoline was $3.508 Tuesday, up from Monday's $3.50, the AAA Fuel Gauge Report said.

Like Us on Facebook for more stories from UPI.com  
Related UPI Stories
Latest Headlines
Top Stories
Compact cannon for British armored vehicles
Hess completes Bakken joint venture
Brazil orders search-and-rescue aircraft
Whole Foods apologizes for overcharging customers
BP settles with U.S. coastal states for $18.7 billion