Crude Oil Falls Below $90 Per Barrel
Posted on: Monday, 6 October 2008, 09:00 CDT
Crude oil prices fell more than $4.40, dipping Monday to less than $90 a barrel for the first time since February.
Crude reached an eight-month low following the passage of a $700 billion bailout package in Washington, which analysts had figured would prop up economies and, in turn, prop up demand for oil. However, stock markets worldwide declined on the bill's passage Friday and oil prices fell.
Crude oil prices fell $4.46 to $89.42 per barrel on the New York Mercantile Exchange. Heating oil prices fell 0.117 cents to $2.545 per gallon. Reformulated blendstock gasoline fell 0.0988 cents to $2.1295 per gallon. Natural gas prices were down 0.193 cents to $7.165 per million British thermal units.
At the pump, the average price for a gallon of regular unleaded gasoline in the United States was down 0.02 cents Monday at $3.504 a gallon, AAA said.
Source: United Press International
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