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Crude oil prices in retreat Friday

Crude oil prices fell below $80 per barrel Friday as slumping economies continued to push a bearish stance on stocks and commodities.

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 hard Friday, down $4.70 to $79.85 per barrel. Heating oil prices fell 0.131 cents to $2.244 per gallon. Reformulated blendstock gasoline fell 0.1102 cents to $1.8625 per gallon. Natural gas prices slid 0.142 cents to $6.643 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.

Copyright 2008 by United Press International


Publication date: 11 October 2008   

Source: UPI-1-20081010-17234900-bc-us-energyprices-1stld.xml

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