Crude oil slides off peak

July 11, 2013 at 3:37 PM
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NEW YORK, July 11 (UPI) -- Crude oil prices dropped sharply to under $105 per barrel in New York, perhaps signaling the end of a six-week rally.

Crude oil had gained $15 since mid-June. At this point, some analysts are saying the price is over-inflated and due for a correction.

The Energy Information Administration said Wednesday that crude oil stockpiles dropped by 9.9 million barrels in the week to 373.9 million.

That helped push West Texas Intermediate crude to a peak of $106.52 per barrel in New York. Prices slipped off the peak in afternoon trading to $104.74 per barrel.

Reformulated blendstock gasoline on Thursday added 0.95 cents to $3.0244 per gallon. Home heating oil lost 0.54 cents to reach $2.9963 per gallon.

Natural gas gave up 6.7 cents to $3.613 per million British thermal units.

At the pump, the average price for a gallon of unleaded regular gasoline was $3.518, up from Wednesday's $3.501, the AAA Fuel Gauge report said.

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