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Crude oil drops 2 percent

Nov. 1, 2013 at 4:02 PM
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NEW YORK, Nov. 1 (UPI) -- The price of crude oil dropped under $95 per barrel Friday in New York as a well-supplied market offset modest economic data.

China's HSBC manufacturing purchasing managers index for the month was 51.4, slightly higher than the 51.2 expected and a touch higher than September, when the index measured 51.1.

The U.S. PMI for manufacturing slipped closer to the break even level of 50, Markit Economics said, although a Institute of Supply Management assessment of manufacturing was more optimistic.

On the New York Mercantile Exchange, West Texas Intermediate crude oil dropped $1.89 to $94.49 per barrel, the first time prices slipped under $95 since July.

Reformulated blendstock gasoline gave up 4.67 cents reach $2.5403 a gallon. Home heating oil lost 7.32 cents to $2.8807 per gallon.

Natural gas lost 7 cents to reach $3.52 per million British thermal units.

At the pump, the national average price of unleaded gasoline dropped to $3.275 per gallon, down from Thursday's $3.279, the AAA Daily Fuel Gauge Report said.

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