NEW YORK, Nov. 12 (UPI) -- Crude oil prices fell Thursday on the New York Mercantile Exchange to under $79 per barrel, despite the dollar's trend towards weakness.
"Despite the weak U.S. dollar, the oil price is struggling to break through the threshold of $80 a barrel. We view this as a sign of relative weakness and expect lower prices over the next weeks," industry analysts at Commerzbank wrote.
The prices of light, sweet crude dropped 79 cents Thursday morning to $78.49 per barrel, MarketWatch reported. Heating oil prices lost 0.0197 to $2.0361 per gallon. Reformulated gasoline prices slid 0.0131 cents to $1.9796 per gallon. Natural gas prices lost 0.094 cents to $4.409 per million British thermal units.
At the retail level, the national average price of unleaded gasoline dropped to $2.65 per gallon Thursday, down from Wednesday's $2.654, AAA said.
