Crude oil prices drop on Fed news
May 21, 2009 (United Press International) -- Crude oil prices dropped on the New York Mercantile Exchange Thursday after the U.S. Federal Reserve reduced its expectations for economic growth.
Stocks also fell after the Fed said the gross domestic product could shrink up to 2 percent this year, downgrading a previous estimate of a contraction of as much as 1.3 percent.
On Thursday, crude oil prices dropped 70 cents to $60.98 per barrel. Heating oil prices fell 0.0086 cents to $1.5273 per gallon. Reformulated blendstock gasoline lost 0.0012 cents to $1.805 per gallon. Natural gas prices fell 0.384 cents to $3.606 per million British thermal units.
At the pump, the average price for a gallon of regular unleaded gasoline was $2.362 Thursday, up from Wednesday's $2.334 a gallon, AAA said.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment