Crude oil drops over $2 per barrel on session

Crude oil prices were down significantly on Friday. Prices were helped lower by the weakening of Cyclone Gonu and the reopening of Oman’s oil shipping terminal after a three-day shutdown during the storm, delaying delivery of 650,000 barrels of crude oil per day. US gasoline stockpiles that were reported higher last week were also credited with helping prices fall. Additionally, there are worries that higher interest rates could slow demand which sent prices lower across commodities markets.

July contracts for Brent crude was down $2.55 to $68.67 per barrel on the Intercontinental Exchange in London, while by mid-afternoon, West Texas Intermediate for July delivery dropped $2.01 to $64.92 per barrel on the New York Mercantile Exchange. July Nymex gasoline and heating oil each dropped 7 cents, to $2.12 per gallon and $1.90 per gallon respectively, while natural gas was 11 cents lower to $7.72 per million British thermal units.