News Column

Crude Oil Sinks Below $93

April 5, 2013
oil well

Crude oil prices dropped under $93 per barrel Friday on the New York Mercantile Exchange with traders adjusting positions due to high domestic supplies.

The U.S. Energy Information Administration reported Wednesday crude oil supplies are at the highest level since July 1990. With winter weather waning, the high supplies have put pressure on prices.

West Texas Intermediate crude oil for May delivery shed 91 cents overnight to $92.45 per barrel, down from Monday's $97.02.

Gasoline prices shed 1.73 cents to reach $2.882 a gallon.

Home heating oil hit $2.9307 a gallon, down 3.86 cents.

Natural gas gained 10.1 cents to $4.048 per million British thermal units.

At the pump, the average price of a gallon of regular unleaded gasoline was $3.625 Friday, down from $3.636 Thursday, the AAA Fuel Gauge Report said.


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Source: Copyright UPI 2013