News Column

Crude Oil Price Dives to $93 a Barrel

Feb. 21, 2013

The price of a barrel of crude oil dropped sharply overnight, slipping to less than $93 per barrel after equities fell in the previous trading session.

Equities fell after the U.S. Federal Reserve noted in its meeting minutes that some of its policy makers didn't stand behind its asset purchasing program, which is adding liquidity to financial markets.

The Energy Information Administration said Wednesday that crude oil inventories were little changed in the week, rising by 600,000 barrels to 372.2 million.

On the New York Mercantile Exchange, West Texas Intermediate crude oil for April delivery lost $1.90 to $92.84 per barrel. Gasoline prices on the exchange added 14.08 cents to $3.1979 per gallon.

Heating oil lost 4.6 cents to $3.1031 per gallon. Natural gas gave up 1 cent to $3.258 per million British thermal units.

At the pump, the national average price for a gallon of regular unleaded gasoline rose to $3.778 per gallon from Wednesday's $3.766, the AAA Daily Fuel Gauge Report said.

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Source: Copyright United Press International 2013

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