Oil declines sharply
Oil declines sharply Oil prices underwent a sharp decline on Tuesday (September 25) as investors chose to book profits after the rally. Market observers started mooting whether the decline is a bit of correction or the end to the bull run, as crude oil prices continued to fall for the third straight day. Light, sweet crude for November delivery fell a hefty USD 1.42, to settle at USD 79.53 a barrel on the New York Mercantile Exchange (NYMEX) In London, November Brent crude lost USD 1.29, to settle at USD 77.62 a barrel on the ICE Futures exchange. Overnight, the average price of a gallon of gas rose 0.2 cents, to USD 2.811, according to AAA and OPIS. On the NYMEX, October gasoline futures fell 4.55 cents, to settle at USD 2.0379 a gallon. In other NYMEX trading, heating oil futures retreated 4.93 cents, to settle at USD 2.1,813 a gallon; while October natural gas , which expires today, fell one cent, to settle at USD 6.36 per 1,000 cubic feet.
