Crude oil drops under $100

NEW YORK, Jan. 12 (UPI) -- Light, sweet crude oil in New York slipped under $100 per barrel Thursday as the European Union put a delayed time line on an embargo of Iranian oil.

On the New York Mercantile Exchange West Texas Intermediate crude for February delivery dropped from a high of $102.98 per barrel to $99.36.

Oil prices had been elevated by news that the European Union would comply with U.S. requests to steer clear of Iranian oil. But the earlier announcement, made on Jan. 4, had no time line. It was learned Thursday that the EU would hold off on joining the embargo for six months, The Wall Street Journal reported.

Also supporting prices, the Federal Reserve on Wednesday said the economic recovery was proceeding at a "modest to moderate pace," which investors considered an optimistic assessment.

Home heating oil added 0.9 cents to $3.055 per gallon. Reformulated blendstock gasoline gained 1.11 cents to $2.7424 per gallon.

Henry Hub natural gas prices added 2.1 cents to $2.718 per million British thermal units.

At the pump, the national average price of unleaded gasoline added 1 cent overnight, climbing from Wednesday's $3.372 per gallon to $3.382, AAA said.