Oil prices dropped to $63 a barrel Friday after OPEC reaffirmed traders’ belief that the high retail price of gas is driving away consumers.
Light, sweet crude oil for October delivery fell $1.75 to settle at $63 a barrel on the New York Mercantile Exchange. Heating oil slumped more than 7 cents to $1.8370 a gallon, while gasoline dropped more than 11 cents to settle at $1.7851 a gallon. October Brent crude futures on London’s International Petroleum Exchange fell $1.85 to settle at $61.81 a barrel.
