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Oil finishes lower for the week
Source: Agencies |
August 20, 2011, Saturday
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OIL ended the day below US$83 a barrel yesterday, finishing down about 4 percent for the week, on fears that another recession could cut demand for energy.
Benchmark West Texas Intermediate crude for September delivery fell 12 US cents to finish at US$82.26 per barrel on the New York Mercantile Exchange after earlier rising as high as US$83.55 per barrel. Stocks also started the day with gains but the major indexes ended down more than 1 percent, posting their fourth straight week of losses as uncertainty about the global economy continued.
Benchmark crude remains well above its lowest point in the past year. It finished at US$71.63 a barrel last August 24.
Still, oil has been falling since April and lower prices will likely mean more relief at the gas pump.
Crude got some support yesterday from a weaker dollar, which hit a new post-World War II low against the Japanese yen. Oil and other commodities are priced in dollars, so a weaker dollar makes them cheaper for traders who use other currencies. Oil lost some ground by the end of the day as the dollar got a little stronger.
In other Nymex trading for September contracts, heating oil rose 2.97 US cents to finish at US$2.9045 per gallon and gasoline futures added 5.08 US cents to end at US$2.8412 per gallon. Natural gas rose 4.8 US cents to finish at US$3.940 per 1,000 cubic feet.
In London, Brent crude rose US$1.63 to end the day at US$108.62 per barrel on the ICE Futures exchange.
Benchmark West Texas Intermediate crude for September delivery fell 12 US cents to finish at US$82.26 per barrel on the New York Mercantile Exchange after earlier rising as high as US$83.55 per barrel. Stocks also started the day with gains but the major indexes ended down more than 1 percent, posting their fourth straight week of losses as uncertainty about the global economy continued.
Benchmark crude remains well above its lowest point in the past year. It finished at US$71.63 a barrel last August 24.
Still, oil has been falling since April and lower prices will likely mean more relief at the gas pump.
Crude got some support yesterday from a weaker dollar, which hit a new post-World War II low against the Japanese yen. Oil and other commodities are priced in dollars, so a weaker dollar makes them cheaper for traders who use other currencies. Oil lost some ground by the end of the day as the dollar got a little stronger.
In other Nymex trading for September contracts, heating oil rose 2.97 US cents to finish at US$2.9045 per gallon and gasoline futures added 5.08 US cents to end at US$2.8412 per gallon. Natural gas rose 4.8 US cents to finish at US$3.940 per 1,000 cubic feet.
In London, Brent crude rose US$1.63 to end the day at US$108.62 per barrel on the ICE Futures exchange.
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