Energy futures prices declined in trading on the New York Mercantile Exchange Tuesday. Benchmark light, sweet crude fell by 86� to settle at $34.28/bbl for October delivery, while the November contract stood at $33.42, down 80�.
Refined petroleum products also closed lower, with October home heating oil losing 0.30� to finish at $1.0468/gal, while unleaded gasoline for the same month declined by 3.45� to rest at 93.90�.
In after-hours electronic access trading in New York, light, sweet crude was fetching $34.14/bbl for the October position and $33.35 for the November contract, both down from the NYMEX close.
Meanwhile, in London Tuesday, North Sea Brent crude oil futures also dropped sharply on the International Petroleum Exchange, following comments by US President Bill Clinton in which he pledged to fill US heating oil inventories in the near future to avoid price spikes during the winter months.
Brokers said the sell-off, which began on the NYMEX and was followed on the IPE, was entirely due to Clinton's comments, which the market interpreted as meaning the US was serious about avoiding price surges like those that occurred last year.
On Tuesday, IPE October Brent futures settled at $32.48/bbl, down $1.14 from the previous close. Brokers said Brent was likely to fall further on follow-through buying today, before recovering.
On the IPE, the October natural gas contract closed at the equivalent of $3.02/Mcf, up 1�.
The price of the Organization of Petroleum Exporting Countries basket of seven crudes stood at $31.18/bbl Tuesday, compared with $32.45 the previous day.
