Crude prices lower on return to Gulf production

Crude oil prices fell Monday as production resumed in the Gulf of Mexico after a tropical depression that never became a storm caused the closure of almost 63 percent of the region’s production Friday.

West Texas Intermediate crude for November delivery was down 14 cents to $81.48 per barrel a little more than half an hour before the close of floor trade on the New York Mercantile Exchange, while Brent crude November contracts were 24 cents lower to $79.06 per barrel on the Intercontinental Exchange in London.

Some analysts said they thought that oil above $80 per barrel would be a fairly short-lived phenomenon because more supplies were reaching the market and that if prices do not drop, Saudi Arabia will add additional supplies to the markets.

October gasoline in New York was down 3 cents to $2.08 per gallon, while November heating oil dropped 2 cents to $2.25 per gallon but November natural gas had added 15 cents to $7.14 per million British thermal units.