Crude prices fall on dollar, equities

Crude oil prices fell Thursday as the US dollar strengthened and on declines in global equities markets.

December contracts for West Texas Intermediate crude were down $2.12 to $77.46 per barrel on the New York Mercantile Exchange while, with December contracts expiring at the end of floor trade on Friday, January WTI contracts dropped $2.05 to $78.05 per barrel on Nymex.

January Brent crude, meanwhile, fell $2.29 to $77.18 per barrel on the ICE Futures Europe exchange in London.

Despite the day’s declines and with prices for a barrel of crude oil still hovering near $80, the International Energy Agency, the US Department of Energy and the Organization of Petroleum Exporting Countries have all made comments indicating their concerns economic recovery could be slowed it energy prices go much higher, especially with demand remaining sluggish.

Nymex December gasoline futures were down 4 cents to $1.97 per gallon on the session, while January heating oil dropped 5 cents to $2.03 per gallon.

Meanwhile, January natural gas futures added 6 cents to $4.72 per million British thermal units even though the US Energy Information Administration said that US natural gas inventories rose to a new record high last week as demand remained down on mild weather in the Northeast United States.