Crude Prices Continue to Decline

Crude oil prices dropped on the New York Mercantile Exchange Wednesday on news that stockpiles in the United States had jumped at the end of January.

Supplies of crude and gasoline both increased in the United States during the week ending Feb. 1. Crude stocks reached 300 million barrels, while gas stocks reached 3.6 million barrels.

On the New York Mercantile Exchange, crude oil prices, at $92.47 per barrel on Jan. 30, dropped 7 cents late in the day Wednesday to $87.21 per barrel.

Heating oil prices rose slightly, up 0.17 cents to $2.4205 per gallon.

The price of reformulated gasoline blendstock also rose, gaining 0.29 cents to $2.2428 per gallon.

Natural gas prices rose 0.1 cents to $7.995 per million British thermal units.

At the pump, the national average price of a gallon of unleaded slipped slightly to $2.976 per gallon from Tuesday’s price of $2.977 per gallon.