Crude oil prices drop again

Crude oil prices were down again on Tuesday, although the declines were not as pronounced as the 4 percent drop on Monday. Part of the price declines came as analysts and traders continue to doubt that the OPEC production cuts slated to be implemented beginning Wednesday will actually materialize. So far, only Saudi Arabia and the United Arab Emirates have informed customers that cuts are coming. Worries of a slowdown in economic growth in the United States also helped send prices lower.

Brent crude for December delivery dropped 88 cents to $57.80 per barrel in late trade in London, while December contracts for West Texas Intermediate crude were $1 lower to $57.36 per barrel by early afternoon in New York. Prices for gasoline and heating oil were also lower. Nymex November unleaded gasoline fell 5.75 cents to $1.3980 per gallon, while Nymex November heating oil dropped 2.3 cents to $1.5785.