MARKET WATCH: Oil futures price falls nearly $3/bbl in New York

The New York Mercantile Exchange December crude oil contract dropped $2.97 on Nov. 13, closing at $74.21/bbl. The January 2015 contract dropped $2.99 to $74.16/bbl.

The natural gas contract for December fell 20.8¢ to a rounded $3.98/MMbtu. The cash gas price at Henry Hub, La., was $4.18/MMbtu, down 2¢.

Heating oil for December delivery lost 8.48¢ to a rounded $2.36/gal. Reformulated gasoline stock for oxygenate blending for December delivery lost 10.54¢ to a rounded $2/gal.

The December ICE contract for Brent crude oil declined $2.46, closing at $77.92/bbl. The January 2015 contract fell $3.63 to $77.49/bbl. The ICE gas oil contract for December decreased $23.25, settling at $705/tonne.

The average price for OPEC’s basket of 12 benchmark crudes on Nov. 13 was $75.15/bbl, falling $1.81.

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