Oil Prices Tumble
Crude oil prices plunged more than $1 a barrel Tuesday as tensions eased in the standoff between Britain and Iran over captive British military personnel. Light, sweet crude for May delivery dropped $1.79 to $64.15 a barrel in late morning trading on the New York Mercantile Exchange. Two weeks ago, the contract was trading under $60 a barrel.
On London's ICE Futures exchange, Brent crude for May sank $1.57 to $67.17 a barrel. The fear that Iran could disrupt the oil trade is causing traders to add a risk premium, especially as they see less of a cushion after the Organization of Petroleum Exporting Countries' production cuts. In other Nymex trading, heating oil futures for May delivery fell 4.9 cents to $1.8134 a gallon, and natural gas prices dropped 14.6 cents to $7.525 per 1,000 cubic feet. Gasoline prices fell 5.2 cents to $1.9905 a gallon.
On London's ICE Futures exchange, Brent crude for May sank $1.57 to $67.17 a barrel. The fear that Iran could disrupt the oil trade is causing traders to add a risk premium, especially as they see less of a cushion after the Organization of Petroleum Exporting Countries' production cuts. In other Nymex trading, heating oil futures for May delivery fell 4.9 cents to $1.8134 a gallon, and natural gas prices dropped 14.6 cents to $7.525 per 1,000 cubic feet. Gasoline prices fell 5.2 cents to $1.9905 a gallon.
posted by Stock Administrator @ 1:03 PM
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