Crude slips below $104

NEW YORK (AP) -- Crude prices have dropped below $104 for the first time since April.

Traders are betting that Hurricane Ike will spare Gulf Coast oil installations. Traders are also reacting to Saudi Arabia's suggestion that OPEC will likely keep crude production steady.

At midday, light, sweet crude for October delivery fell $2.44 to $103.90 on the New York Mercantile Exchange, the lowest level since April 3rd.

At the pump, auto club AAA says the average price for regular unleaded gasoline is $3.65 a gallon.

(Copyright 2008 by The Associated Press. All Rights Reserved.)

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