Crude oil drops $1.28 per barrel Tuesday

April 30, 2013 at 6:18 PM
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NEW YORK, April 30 (UPI) -- Crude oil prices dropped down near $93 per barrel Tuesday on the New York Mercantile Exchange.

A lull in the U.S. economic recovery was being viewed with mixed reactions. While pointing to less robust demand than expected, it also indicates the U.S. Federal Reserve will maintain its current economic policy, which is keeping interest rates low to fuel business expansion.

Traders were keeping an eye on developments in Brazil. MarketWatch said state-run oil company Petroleo Brasileiro announced production at the off-shore Frade oil field could re-start soon. Oil giant Chevron was given a green light to re-open production in the field after on it was corked 12 months ago due to an oil spill.

With the economic uncertainty, West Texas Intermediate crude oil gave up $1.28 to $93.13 per barrel.

Gasoline prices lost 2.82 cents to $2.7874 a gallon.

Home heating oil dropped 3.59 cents to $2.8292 a gallon.

Natural gas dropped 2.6 cents to reach $4.348 per million British thermal units.

At the pump, the average price of a gallon of regular unleaded gasoline was $3.508 Tuesday, up from Monday's $3.50, the AAA Fuel Gauge Report said.

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