NEW YORK, Aug. 31 (UPI) -- Crude oil futures dropped sharply on the New York Mercantile Exchange overnight, falling to less than $74 per barrel as economic worries dominated trading.
Stock markets plunged in Asia Tuesday with the Nikkei 225 index leading the descent, falling 3.55 percent a day after the Bank of Japan announced measures to shore up its export-oriented economy. As reliant as it is on exports, investors are focused on Japan's customers, which include the United States and Europe where economies are floundering.
In New York, October delivery light, sweet crude oil dropped 72 cents to $73.98 per barrel Tuesday morning. Heating oil prices lost 0.0048 cents to $2.0329 per gallon. Reformulated blendstock gasoline lost 0.007 cents to $1.9008 per gallon. Henry Hub natural gas prices lost 0.046 cents to $3.766 per million British thermal units.
On the retail level, the national average price for unleaded gasoline dropped to $2.677 per gallon Tuesday from Monday's $2.678, AAA said.
