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Oil price drops to USD 82.38 a barrel

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Oil price drops to USD 82.38 a barrel

Postby GoNifty » Fri Aug 19, 2011 7:30 pm

Oil price drops to USD 82.38 a barrel

Oil fell sharply Thursday along with a broad sell-off in stocks triggered by worries about the global economy.

Benchmark West Texas Intermediate crude for September delivery fell USD 5.20, or 5.9%, to finish at USD 82.38 a barrel on the New York Mercantile Exchange.

Brent crude, used to price many international oil varieties, dropped USD 3.61 to end at USD 106.99 a barrel on the ICE Futures exchange in London.

In other Nymex trading for September contracts, heating oil lost 8.68 cents, or 2.9%, to finish at USD 2.8748 per gallon and gasoline futures dropped 8.71 cents, or 3%, to USD 2.7832 per gallon. Natural gas lost 4.1 cents to end the day at USD 3.892 per 1,000 cubic feet.
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