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Jan. 2, 2007 / 5:17 PM

Crude oil futures fall below $61 a barrell

NEW YORK, Jan. 2 (UPI) -- After starting the day on an upswing, crude oil futures fell below $61 a barrel Tuesday.

Light, sweet crude for February delivery fell 29 cents to $60.76 a barrel in late-afternoon electronic trading.

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Trading was light because the New York Mercantile Exchange closed its trading floor to observe the national day of mourning for former U.S. President Gerald Ford.

February Brent at London's ICE Futures exchange dropped 17 cents to $60.69 a barrel.

Natural gas futures in New York were up a penny at $6.300 per million Btu.

January heating oil fell 0.004 cents to $1.6440 a gallon.

Unleaded gasoline fell 0.0014 cents to $1.6149.

AAA said Tuesday the average U.S. retail gasoline price was $2.322, a gallon.

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