Crude oil prices dropped under $101 per barrel in New York Thursday morning as the disruptive federal government shutdown came to an end.
Federal workers were called back to work and the threat of default averted for now, as the government's line of credit was extended through Feb. 7.
The end of the government shutdown and the threat of default would normally be seen as positive for demand, but traders were retreating as they waited for the resumption of federal reports.
On the New York Mercantile Exchange, West Texas Intermediate crude oil shed $1.42 to reach $100.87 per barrel. Reformulated blendstock gasoline prices lost 1.97 cents to $2.6824 per gallon. Home heating oil gave up 2.91 cents to $3.0102 per gallon. Natural gas lost 4 cents to reach $3.73 per million British thermal units.
At the pump, the national average price of unleaded gasoline added a penny from Monday to Tuesday to $3.357 per gallon, AAA's Daily Fuel Gauge Report said.