Business News - Crude oil drops below $78

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Crude oil drops below $78

NEW YORK (UPI) -- Crude oil prices settled down to under $78 per barrel on the New York Mercantile Exchange Tuesday, ahead of Wednesday's inventory report.

The volatility of equities in October was largely ignored by the oil market, but chief researcher at JBC Energy GmbH David Wech told MaketWatch prices were due for a fall.

"Oil is overpriced at the moment. We expect it to fall back to below $70 a barrel. That's based on all the fundamental factors," he said.

Light, sweet crude dropped 55 cents overnight in New York to $77.58 per barrel. Heating oil lost 0.0298 cents to $2.0252 per gallon. Reformulated blend stock gasoline prices fell 0.0176 cents to $1.9727 per gallon. Natural gas dropped 0.043 cents to $4.781 per million British thermal units.

At the pump, the national average price of unleaded gasoline was $2.686 per gallon Tuesday, down form $2.691, AAA said.

Copyright 2009 by United Press International

This news arrived on: 11/03/2009

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