Crude Oil Prices in Retreat Friday
Posted on: Friday, 10 October 2008, 10:00 CDT
Crude oil prices headed toward $80 per barrel Friday as fears of a global economic slowdown mounted.
The economic downturn has pulled oil 44 percent below its peak above $147 in July.
"The whole market has lost confidence in everything," Mark Pervan, senior commodity strategist with ANZ Bank told The Wall Street Journal. "Everyone is worried about global growth, and oil is the front line commodity for that," he said.
Crude oil prices fell $3.94 to $82.65 per barrel. Heating oil prices fell 0.1092 cents to $2.3094 per gallon. Reformulated blendstock gasoline fell 0.0881 cents to $1.9392 per gallon. Natural gas prices slid 0.175 cents to $6.65 per million British thermal units.
At the pump, the average price for a gallon of regular unleaded gasoline was $3.403 Friday, down from Thursday's $3.668 a gallon, AAA said.
Source: United Press International
Related Articles
- Gas Prices Fall to Less Than $4 Per Gallon
- Gas Prices Reach $4 Per Gallon in the Corridor
- U.S. Gas Prices Bump Past $4 Per Gallon
- Pennsylvania to Allow Half-Gallon Pricing at Older Fuel Pumps
- Governor Rendell to Allow Half Gallon Pricing at Some Gas Stations
- Utahns Filling Up for Nearly $2 Per Gallon
- Average Gas Price Breaks $3 Per Gallon
- Gas Retailers Deny Big Profit: Station Owners Say Zone Pricing and Corporate Underpricing Cut Their Gains to Pennies Per Gallon
- Energy Office: Price of Heating Oil Hits $2.38 Per Gallon
- Experts Available to Discuss Gas Prices Expected to Reach $4 Per Gallon
User Comments (0)
RSS Feeds