Crude oil tumbles on Fed news

June 20, 2013 at 2:47 PM
| License Photo

NEW YORK, June 20 (UPI) -- The price for a barrel of crude oil on the New York Mercantile Exchange dropped $3.11 to $95.37 per barrel Thursday.

Prices fell in response to a drop in equity markets triggered by U.S. Federal Reserve Chairman Ben Bernanke's remarks at a press conference that the central bank would begin to wind down its asset purchasing program this year.

Price pressure was also provided by the Energy Information Administration, which said crude oil supplies rose by 313,000 barrels in the week -- a surprise to some as economists had predicted supplies would drop.

Reformulated blendstock gasoline lost 10.49 cents to $2.7785 a gallon.

Home heating oil gave up 9.74 cents to $2.8751 a gallon.

Natural gas shed 7.4 cents to $3.889 per million British thermal units.

At the pump, the average price for a gallon of unleaded regular gasoline was $3.598, down from Wednesday's $3.603, the AAA Fuel Gauge report said.

Like Us on Facebook for more stories from UPI.com  
Related UPI Stories
Latest Headlines
Top Stories
B-52 bombers demo long reach of U.S. air power
Army orders tactical trucks from Oshkosh
Reddit CEO Ellen Pao offers to improve communication in wake of firing scandal
Oil markets hammered by Greece, Iran and China
Report: Brazil's Petrobras wading dark waters