Crude Oil Tumbles $2 a Barrel

Crude oil plunged more than $2 a barrel from a nine-month high on concern that rising interest rates may lead to slower growth in demand, Bloomberg reported Friday.

Benchmark light sweet crude oil futures for July delivery fell $2.17, or 3.2%, to close the week at $64.76 a barrel on the New York Mercantile Exchange, Bloomberg said.

It was the lowest closing price since May 31, while Thursday’s closing price had been the highest since Sept. 7.

Prices fell 0.5% this week and are 8% lower than a year ago, Bloomberg said.

The Department of Energy is scheduled to release its weekly retail price surveys of diesel and gasoline pump prices on Monday.