NEW YORK, March 22 (UPI) — Crude oil futures opened sharply lower on the New York Mercantile Exchange Monday, dropping under $79 per barrel because of supply concerns.
The Organization of Petroleum Exporting Countries held production quotas unchanged in a meeting in Vienna last week “presiding over a supply/demand balance that is essentially in surplus,” Edward Meir, a senior commodity analyst at MF Global told Market Watch.
April delivery, light, sweet crude futures on Monday dropped $1.84 to $78.84 per barrel. Heating oil for April delivery was down 0.0448 cents to $2.0319 a gallon. Reformulated gasoline blendstock lost 0.045 cents to $2.2106 per gallon. Natural gas for April shed 0.113 cents to $4.056 per million British thermal units.
At the pump, the national average price of unleaded gasoline was unchanged Sunday to Monday at $2.82 per gallon, AAA said.
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