Oil drops near $87; natural gas falls 8 pct.

AP News
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Posted: Aug 02, 2012 3:32 PM
Oil drops near $87; natural gas falls 8 pct.

NEW YORK (AP) — The price of oil dropped near $87 per barrel Thursday after the head of the European Central Bank disappointed investors by failing to take immediate action to prop up the eurozone economy.

On the New York Mercantile Exchange:

Benchmark crude lost $1.78, or 2 percent, to end the day at $87.13 per barrel.

Gasoline added 3.54 cents to end at $2.8696 per gallon.

Heating oil lost 1.65 cents to finish at $2.8423 per gallon.

Natural gas dropped 25.1 cents, or 8 percent, to end at $2.92 per 1,000 cubic feet.

On the ICE Futures exchange in London:

Brent crude lost 6 cents to end at $105.90 per barrel.