Oil prices down as refiners’ margins drop

West Texas Intermediate crude for November delivery dropped $1.42 to $80.24 per barrel Monday on the New York Mercantile Exchange after falling by as much as $1.63 earlier in the session, while November contracts for Brent crude were down $1.50 to $77.67 per barrel on the Intercontinental Exchange in London.

Prices were lower as margins fell to $5.9034 per barrel, prompting speculation that refinery demand will drop as they make less money for the fuels they produce.

Nymex November gasoline was 6 cents lower to $1.98 per gallon, while November heating oil dropped 4 cents to $2.18 per gallon.

November natural gas was 18 cents higher to $7.05 per million British thermal units.