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Crude oil drops $1.50+ Tuesday

July 30, 2013 at 6:23 PM
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NEW YORK, July 30 (UPI) -- Crude oil prices continued to drift lower Tuesday, sliding toward $103 per barrel as demand increasingly appears to be waning.

Crude oil is up from early June, when prices hovered around $92 per barrel, but down from above $108 in the middle of July.

On Tuesday, West Texas Intermediate crude on the New York Mercantile Exchange dropped to $103.08, off $1.62 from Monday's peak of $104.70. A late rebound added 9 cents in after-hours trading to hit $103.17.

Reformulated blendstock gasoline was off 0.95 cents in late trading to $2.9655 per gallon. Home heating oil shed 0.15 cents to $3.0075 per gallon.

Natural gas added 2.2 cents to $3.454 per million British thermal units.

Traders are anticipating reports this week that spell out a slower economic recovery, including a government report on the gross domestic product due Wednesday and a Labor Department report on the employment situation due Friday.

On Tuesday, the S&P Case-Shiller home price index and the Conference Board's consumer confidence measure both came in under expectations.

At the pump, the national average price for a gallon of unleaded regular gasoline was $3.624 Tuesday, down from Monday's $3.631, the AAA Fuel Gauge report said.

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