Crude oil slid toward $75 per barrel Tuesday in New York just one month after prices were headed toward $90 per barrel, according to UPI.
West Texas Intermediate crude oil on the New York Mercantile Exchange has dropped 15.4 percent, giving up more than $13 since Sept. 1. Prices headed lower Tuesday as the economic crisis in Europe continued to worry investors.
On Monday, research firm Markit Economics in London said the Purchasing Managers Index for the eurozone dropped to 48.5 in September, a 25-month low. Numbers below 50 indicate business is contracting in Europe. For the region's largest economy, Germany, the manufacturing index was just above the break even point at 50.3, a 24-month low.
November delivery crude oil in New York gave up $2.17 overnight to reach $75.44 per barrel. Home heating oil lost 3.67 cents to $2.7162 per gallon. Reformulated blendstock gasoline shed 2.8 cents to reach $2.483 per gallon.
Henry Hub natural gas gave up 1.2 cents to $3.605 per million British thermal units.
At the pump, the national average price of unleaded gasoline fell to $3.408 per gallon Tuesday from Monday's $3.417, AAA said.
While crude oil prices fell in September, retail prices for gasoline have dropped 25.4 cents in the past month, off 6.9 percent. To drop as fast as oil, gasoline prices would have had to give up 56 cents in the month.