NEW YORK, April 13 (UPI) -- Crude oil for May delivery dropped below $84 a barrel in New York Tuesday on concerns that global supplies were adequate.
Commodity analyst Edward Meir, in an investment note, said "There is an excessive amount of oil on the markets, as OPEC has fallen short of enforcing its output cuts," MarketWatch reported
"Although demand is starting to come back, it has yet to make a significant dent in stockpiles," Meir wrote.
On the New York Mercantile Exchange, the price of May delivery light, sweet crude lost 0.61 cents to $83.73 per barrel. Heating oil futures for May delivery gained 0.0031 cents to $2.222 per gallon. Reformulated gasoline blendstock prices rose 0.0015 cents to $2.2973 per gallon. Henry Hub natural gas prices added 0.022 cents to $4.03 per million British thermal units.
At the pump, the national average price for a gallon of unleaded gasoline fell to $2.858 per gallon Tuesday from Monday's $2.86, AAA said.
