Crude oil prices slips under $85

Crude oil prices slipped in New York Wednesday, falling under $85 per barrel as equities did not hold up, tumbling late in the trading session. The U.S. Federal Reserve said it would shift its portfolio by selling $400 billion in short-term securities and buying an equal amount of long-term securities. Investors quickly voted on the plan with a resounding negative reaction. The Dow Jones industrial average, near even for the day, lost 283 points or 2.5 percent in late trading. On the New York Mercantile Exchange, West Texas Intermediate crude oil shed $1.12 to $84.80 per barrel. Home heating oil lost 1.92 cents to $2.915 per gallon. Reformulated blendstock gasoline prices dropped 2.33 cents to $2.6331 per gallon. Henry Hub natural gas prices dropped 1 cent to $3.72 per million British thermal units. At the pump, the national average price of unleaded gasoline dropped one cent from Tuesday's $3.58 per gallon to $3.57, AAA said.