Oil falls below $87 in Asia

Oil prices fell to below $87 a barrel Wednesday in Asia, according to a report of the Associated Press. Benchmark oil for August delivery was down 99 cents at $86.67 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. In London, Brent crude for August delivery was down 98 cents at $99.70 per barrel on the ICE Futures exchange. The contract jumped $3.91 to close at $87.66 in New York on Tuesday. In other energy trading, heating oil was down 3 cents at $2.73 per gallon while gasoline futures fell 2 cents at $2.70 per gallon. Natural gas gained 1 cent at $2.91 per 1,000 cubic feet.