Business News - Crude oil prices slide Friday

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Crude oil prices slide Friday

NEW YORK (UPI) -- The price of light, sweet crude fell under $79 per barrel overnight as oil prices failed to pick up on surging equities in New York.

The Dow Jones industrial average added 203 points Thursday, its largest one-day gain since mid-July.

Oil prices went the other way.

"Even though better than expected U.S. data boosted the U.S. and European equity markets, crude oil market participants remained cautious ahead of the key Friday's U.S. non-farm payroll figure," Sucden Research analysts told MarketWatch.

Crude oil prices shed 92 cents to $78.70 per barrel. Heating oil prices lost 0.0267 cents to $2.0309 per gallon. Reformulated blendstock gasoline prices dropped 0.0258 cents to $1.9619 per gallon. Natural gas prices lost 0.113 cents per million British thermal units.

At the pump, the retail price for unleaded gasoline fell to a nation average of $2.679 per gallon from Thursday's $2.682, AAA said.

Copyright 2009 by United Press International

This news arrived on: 11/06/2009

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