Crude oil prices drop below $50 a barrel

New York -- Crude oil prices dropped sharply Thursday on the New York Mercantile Exchange, falling below $50 per barrel for the first time since May 2005.

Sweeping stock losses and increases in U.S. energy inventories have both signaled lower demand.

Crude oil prices fell $4.46 to $48.70 per barrel. Heating oil prices fell 0.0949 cents to $1.6681 per gallon in spite of winter temperatures embracing much of the U.S. Northeast and Midwest. Reformulated blendstock gasoline fell below one dollar falling 0.1049 cents to $0.9921 per gallon. Natural gas prices also fell, down 0.416 cents to $6.304 per million British thermal units.

At the pump, the average price for a gallon of regular unleaded gasoline was $2.02 Thursday, down from Wednesday's $2.047 a gallon, AAA said.

Copyright 2008 by United Press International.