Crude oil prices fell more than $3.75 per barrel on the New York Mercantile Exchange Tuesday as speculators retreated from oil positions.

Crude oil prices fell to $135.88 on the exchange, a quick fall from Friday's record of $145.27 per barrel.

Analysts said reduced availability of equity had caused some of the pullback.

"Sagging global equities, which are tipping a lack of confidence in economic growth in both developed and emerging economies, helped trigger the retreat in the energy markets,'' said Addison Armstrong of Traditional Energy, The Wall Street Journal reported.

The price of heating oil also fell in New York Tuesday, down 0.0027 cents in late trading to $3.8175 per gallon. Reformulated blendstock gasoline prices rose 0.0019 cents to $3.365 per gallon. Natural gas prices fell 0.044 cents to $12.324 per million British thermal units.

At the pump, the national average price for a gallon of unleaded regular gasoline was unchanged Tuesday, matching Monday's $4.108, AAA said.

Copyright 2008 by United Press International


Publication date: 08 July 2008   

Source: UPI-1-20080708-16061000-bc-us-energyprices-1stld.xml

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