Oil Prices Dip Below $18
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NEW YORK — Bulging inventories and mild weather pushed oil prices Wednesday to their lowest level since Iraq invaded Kuwait, dropping below $18 a barrel. Analysts said prices may hover at that level until the next OPEC meeting Feb. 12.
Light, sweet crude oil for delivery in February settled at $17.87 per barrel, down 82 cents, at the New York Mercantile Exchange. Spot-month oil futures have not closed that low since July 11, 1990, when the final price was $17.47 a barrel.
Unleaded gasoline for delivery in February settled at 50.99 cents a gallon, down 2.08 cents. Gasoline futures for next-month delivery have not been that cheap since Nov. 30, 1989, when the final price was 50.29 cents a gallon.
Home heating oil for delivery in February settled at 49.36 cents a gallon, down 1.52 cents.
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