MARKET WATCH: Oil futures plunge below $50/bbl

Light, sweet crude oil futures prices plunged lower to settle below $50/bbl on the New York market on July 22.

The September crude oil contract on the New York Mercantile Exchange fell $1.67 on July 22 to settle at $49.19/bbl. The October contract was down $1.63 to $49.67/bbl.

The natural gas contract for August was up 15¢ to a rounded $2.90/MMbtu. The Henry Hub, La., gas price was up 1¢ to $2.89/MMbtu.

Heating oil for August delivery was down less than a penny to reach a rounded $1.67/gal. The price for reformulated gasoline stock for oxygenates blending for August fell by more than 5¢ to reach a rounded $1.87/gal.

The September ICE contract for Brent crude decreased 91¢ to $56.13/bbl on July 22. The October contract was down 96¢ to $56.49/bbl. The ICE gas oil contract for August was up $3.25 to $514.50/tonne.

The average price for the Organization of Petroleum Exporting Countries’ basket of 12 benchmark crudes for July 22 was $53.45/bbl, down 12¢.

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