Money Matters - Simplified

Crude oil prices slide overnight

New York -- Crude oil prices dropped overnight to under $82 per barrel in New York, ahead of Wednesday's U.S. oil supply report.

The dollar index rose 0.77 percent Tuesday, snapping a downward trend, which put pressure on oil prices.

Equities were mostly lower in Asia Wednesday and flat in Europe. U.S. markets opened with early losses, the Dow Jones industrial average lost 0.57 percent in midmorning trading. The Standard & Poor's 500 index jumped to a loss of 0.45 percent.

December delivery crude oil prices lost 91 cents on the New York Mercantile Exchange overnight to $81.64 per barrel. Heating oil prices shed 2.4 cents from a recent settlement to $2.2444 per gallon. Reformulated gasoline prices dropped 2.05 cents to $2.0567 per gallon. Henry Hub natural gas prices added 1.6 cents to $3.782 per million British thermal units.

At the pump, the national average price of unleaded gasoline dropped to $2.807 per gallon Wednesday from Tuesday's $2.81, AAA said.

Copyright 2010 United Press International

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