Oil prices slipped below $86 a barrel Thursday on electronic trading at the New York Mercantile Exchange.

Light, sweet crude oil for January delivery continued its downward trend by dropping $1.53 to reach $85.97.

Prices had risen to $90.39 earlier on word the Organization of Petroleum Exporting Countries planned no change in its production ceiling. But, prices reversed the trend after a U.S. government report on an increase in heating oil and gasoline inventories.

Natural gas was up 0.08 cents at $7.25 per million British thermal units.

Heating oil fell $3.53 cents at $2.4540 a gallon.

Reformulated gas was down 2.58 cents at $2.1912 a gallon.

The average price of a gallon of regular unleaded gasoline at the pump was down a fraction at $2.0034, the AAA reported.  // Copyright 2007 by United Press International





Publication date: 06 December 2007   

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