Business
Crude prices drop dramatically Tuesday
New York | May 09, 2008 12:01:13 AM IST
Crude oil prices dropped by more than $2 a barrel Tuesday as the dollar regained strength in expectation of a U.S Federal Reserve announcement due Wednesday. The Fed's Open Market Committee completes a two-day meeting Wednesday amidst speculation that the bank will cut key lending rates. On the dollar's gains speculators dropped away from crude trading Tuesday. On the New York Mercantile Exchange, the price of crude dropped dramatically, down $2.31 to $115.58 per barrel. Heating oil prices gained slightly in late trading, up 0.0005 cents to $3.247 per gallon. Reformulated gasoline blendstock prices fell 0.0002 cents to $2.939 per gallon. Natural gas prices fell 0.009 cents to $10.833 per million British thermal units. At the pump, the national average for a gallon of unleaded gasoline in the United States rose to a record $3.607 per gallon Monday, from Monday's price of $3.603 per gallon, AAA said. (UPI)
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