September 23, 2009

Crude oil prices slide Wednesday

Crude oil prices slid closer to $71 per barrel on the New York Mercantile Exchange Wednesday in advance of a U.S. stockpile report.

The U.S. Energy Information Administration is set to release its weekly inventory report Wednesday. In recent months, stockpiles have remained high, while demand has dropped throughout the recession.

Wednesday morning, crude oil prices lost 65 cents to $71.11 per barrel. Heating oil prices fell 0.0033 cents to $1.8088 per gallon. Reformulated gasoline prices lost 0.0295 cents to $1.7521 per gallon. Natural gas prices added 0.076 cents to $3.685 per million British thermal units.

At the pump, the national average price of unleaded gasoline was $2.54 per gallon Wednesday, down from Tuesday's $2.544, AAA said.