The Houston Chronicle reported today that oil prices dropped more than a point on Tuesday, with the price at the end of the day below $80 a barrel, and other energy futures followed suit as investors locked in profits from the recent record-setting rally.
November 2007 light, sweet crude oil fell $1.42 to settle at $79.53 a barrel on the New York Mercantile Exchange.
October 2007 gasoline prices fell 4.55 cents to settle at $2.0379 a gallon, and New York Mercantile Exchange heating oil tumbled 4.93 cents to settle at $2.1813 a gallon. In London, November 2007 Brent crude lost $1.29 to settle at $77.62 a barrel on the ICE Futures exchange.
October 2007 future pricing natural gas, which expires today, fell a penny to settle at $6.36 per million British thermal units on the New York Mercantile Exchange after spending much of the day in positive territory. Trading in expiring future contracts is often volatile as investors equal out their positions.
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