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Gas Prices Drop, Oil Retreats Below $76

Tulsi Deshmukh 24 July 2007

Oil prices dangled on Monday (July 23) as exports to Angolan oil facility commenced once more and on expectancy that US gasoline demand will decrease in place with the end of peak summer demand.

On the New York Mercantile Exchange (NYMEX), light, sweet crude for next month delivery slipped 38 cents, at USD 75.41 per barrel.

On the other hand, gasoline rates came down 2.06 cents to USD 2.1440 per gallon on NYMEX. Oil price slid further.

The next month Brent crude delivery dipped 18 cents to USD 77.46 a barrel on the ICE Futures exchange in London.

NYMEX heating oil futures vanished 0.22 cents to USD 2.0922 per gallon, whereas natural gas rates fell 27.6 cents, to settle at USD 6.170 per 1,000 cubic feet.

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