Oil Dips Below $80 a Barrel

Crude oil futures fell for a third day as production in the Gulf of Mexico increased following a storm threat, Bloomberg reported Tuesday.

Benchmark light sweet crude oil futures traded at below $80 a barrel in pre-market New York Mercantile Exchange electronic trading, Bloomberg said.

Oil closed Monday at $79.96 a barrel — the first time since Sept. 14 futures closed below $80 on the Nymex.

Futures had closed above $80 a barrel for the first time on Sept. 13, and set a record $83.32 closing price last Thursday.

Both diesel and gasoline prices gained in this week’s price survey by the Department of Energy, with diesel jumping 6.8 cents to $3.032 and gas gaining 2.5 cents to $2.812.