The volatility of equities in October was largely ignored by the oil market, but chief researcher at JBC Energy GmbH David Wech told MaketWatch prices were due for a fall.
"Oil is overpriced at the moment. We expect it to fall back to below $70 a barrel. That's based on all the fundamental factors," he said.
Light, sweet crude dropped overnight in New York then added $1.37 to $79.50 per barrel. Heating oil gained 0.019 cents to $2.065 per gallon. Reformulated blend stock gasoline prices rose 0.0047 cents to $1.995 per gallon. Natural gas rose 0.098 cents to $4.922 per million British thermal units.
At the pump, the national average price of unleaded gasoline was $2.686 per gallon Tuesday, down form $2.691, AAA said.
Copyright 2009 by United Press International.
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