Crude oil skids to low for the year

Oil prices hit their low for the year in New York, ducking under $89 per barrel as outside market forces left traders overextended. Equities sank across Asia and Europe with a European Commission report spelling out fiscal troubles in the eurozone country by country. The euro sank against the dollar, reaching $1.2427 from Tuesday's $1.2503. The price of West Texas Intermediate for July delivery gave up $2.26 to $88.50 per barrel. Natural gas for June delivery lost 6.2 cents to $2.423 per million British thermal units. Home heating oil shed 5.49 cents to $2.7583 per gallon. RBOB gasoline futures for July delivery were off 5.19 cents to $2.7816 per gallon. At the pump, the national average price of unleaded gasoline dropped a penny to $3.626 per gallon from Tuesday's $3.636, AAA said.