Stocks undermine crude oil prices
14 May, 2012
NEW YORK, May 14 (UPI) — Crude oil prices headed lower Monday, aiming for $94 per barrel on the New York Mercantile Exchange after stocks were hit hard in Europe.
Late last week, Spain ordered its banks to raise $39 billion to protect the financial system against a downturn. The move is the latest reminder that Europe’s debt crisis is far from over.
West Texas Intermediate crude oil shed $2.07 to reach $94.06 per barrel. Natural gas lost 1.1 cents to hit $2.42 per million British thermal units.
Home heating oil dipped 1.56 cents to $2.9139 per gallon.
Gasoline lost 1.36 cents to reach $2.9454 a gallon.
At the pump, the national average price of unleaded gasoline dropped 0.1 cents from Sunday’s $3.728 per gallon to $3.727, AAA said.