Money Matters - Simplified

Crude oil prices fall Thursday

New York -- Crude oil prices fell sharply to under $67 per barrel on the New York Mercantile Exchange Thursday as increased unemployment rattled hope for a quick recovery.

The U.S. Labor Department said unemployment rose from 9.4 percent to 9.5 percent in June, triggering a sharp downturn in U.S. stock markets.

Crude oil prices fell $2.84 to $66.36 per barrel. Heating oil prices lost 0.067 cents to $1.698 per gallon. Reformulated blendstock gasoline fell 0.078 cents to $1.783 per gallon. Natural gas prices fell 0.141 cents to $3.644 per million British thermal units.

At the pump, the average price for a gallon of regular unleaded gasoline was $2.629 Thursday, down from Wednesday's $2.63 a gallon, AAA said.

Copyright 2009 by United Press International.

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