Oil prices dropped below $63 a barrel Wednesday after rising more than $2 the previous day amid speculative buying fueled in part by a Russian-Ukrainian natural gas price dispute.
Light sweet crude for February delivery on the New York Mercantile Exchange fell 79 cents to $62.35 a barrel by afternoon in Europe. Heating oil dipped by more than a penny to $1.7838 a gallon, while gasoline dropped more than 2 cents $1.7250 a gallon. Brent crude futures dropped 90 cents to $60.45 a barrel on the ICE Futures exchange.
