News Column

Crude Oil Drops Under $87

Nov. 7, 2012

Crude oil prices shifted lower in New York Wednesday morning, slipping under $87 per barrel as traders reacted to President Barack Obama's re-election victory.

Giving a sense of international community's reaction to the national election, the dollar index rose overnight, gaining 0.21 percent to 80.80 on the International Exchange.

On the New York Mercantile Exchange, West Texas Intermediate crude oil for December delivery gave up $1.98 to $86.73 per barrel.

Reformulated gasoline prices lost 5.77 cents to $2.6412 per gallon. Home heating oil shed 4.83 cents to $3.0046 per gallon.

Natural gas prices lost 5.6 cents to $3.561 per million British thermal units.

At the pump, the national average price of unleaded gasoline dropped to $3.462 per gallon, down from Tuesday's $3.463, AAA said.

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Source: Copyright United Press International 2012

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