From the ArcaMax Publishing, Business News Newsletter:
http://www.arcamax.com/news/businessnews/s-641752-997979
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.