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Crude Oil Drops Below $60 a Barrel

Oil futures plummeted Thursday, briefly going below $60 a barrel for the first time since in nearly three months. Gasoline inventories increased when they were predicted to decrease, which is one of the reasons for the oil futures price drop.

November crude fell $2.11 recently to $60.30. Unleaded gasoline was down 7 cents to $1.61 a gallon. Heating oil was off 7 cents to $1.85 a gallon, while natural gas sank 74 cents to $12.81 per million British thermal units. The Energy Information Agency said Wednesday that crude inventories rose last week by 5.55 million barrels, about twice the expected gain. Gasoline inventories defied predictions for a decline and rose by 2.9 million barrels. Distillate stocks fell by 1.9 million barrels, in line with estimates.

The Street

Posted by | Thu, Oct 20, 2005 - 09:05 AM