Crude Slips to $88.43 Per Barrel
February 4, 2008
Crude oil prices slipped to $88.43 per barrel early Monday on the New York Mercantile Exchange, sharply down from Friday’s close of $92 per barrel.
Analysts said the drop in crude oil prices came about because supplies of crude were high in the United States and the economic slowdown was was likely to trigger a reduction in demand for oil.
Heating oil also dropped, down 1.12 cents to $2.4377 per gallon.
Reformulated gasoline dropped 1.04 cents to $2.2730 per gallon.
Natural gas prices were down 10 cents, at $7.640 per million British thermal units.
At the pump, the national average price for a gallon of unleaded gasoline was $2.977, down from Sunday’s average of $2.979 per gallon, the AAA Fuel Gauge Report said.