Oil market balanced on politics NEW YORK, March 29 (UPI) -- Crude oil prices slipped to less than $105 per barrel overnight, but sharp drops are unexpected as traders wait on decisions concerning national oil stockpiles. President Barack Obama is expected to make an announcement by Friday on whether or not to open up some of the nation's reserves to balance out supply losses resulting from sanctions imposed on Iran, meant to force an end to Iran's suspected nuclear weapons program. The game of chicken is already on. Analysts say Iran will bet nations imposing sanctions will cave as the price of oil escalates. That makes Obama's decision that much more difficult. If he releases oil from U.S. inventories too early, it may help keep prices low at gas stations. But that is a strategy that relies on a timely conclusion to the sanctions against Iran. More than a game of chicken, the political positioning resembles a contest to see which side can hold its breath the longest. How long can Iran tolerate falling oil revenue? On the other hand, how long can the Obama administration tolerate rising prices at gas stations, especially during an election year? On the New York Mercantile Exchange Thursday, May delivery West Texas Intermediate light sweet crude lost $1.20 to hit $104.21 per barrel. Home heating oil lost 1.65 cents to $3.2057 per gallon. Reformulated gasoline gained 0.07 cents to $3.3628 per gallon. Henry Hub natural gas prices lost 4.7 cents to $2.235 per million British thermal units. The national average price of unleaded gasoline gained one penny, reaching $3.921 per gallon Thursday, up from Wednesday's $3.911, AAA said.