NEW YORK, May 14 (UPI) — Crude oil prices headed lower in New York Friday following equity markets, which continued a downward trend in Asia and Europe.
Stocks were down in Japan, China, Hong Kong and India. Stocks also fell in early trading in Germany, Britain and Italy. In France, the CAC 40 index fell 2.4 percent.
In the United States, the Energy Information Administration said crude oil inventories rose by 1.9 million barrels for the week ending May 7. Coupled with signs of a sluggish economic recovery, crude oil prices have dropped 14.6 percent off the high for the year.
June delivery crude oil lost $1.27 overnight to $73.13 per barrel. Heating oil futures for June lost 0.0219 cents to $2.11 per gallon. Reformulated gasoline blendstock prices dropped 0.0258 cents to $2.1693 per gallon.
Henry Hub natural gas futures shed 0.056 cents to $4.283 per million British thermal units.
At the pump, the national average price for unleaded gasoline dropped to $2.883 per gallon Friday from Thursday’s $2.89, AAA said.
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