Oil Closes Below $80 for Week

Oil closed below $80 for the first time in more than a year Friday, amid commodity price declines and worldwide economic uncertainty, Bloomberg reported.

Crude futures plunged $8.83, or about 10%, to close at $77.76 a barrel on the New York Mercantile Exchange, Bloomberg said.

Oil has fallen about 45% since setting a record closing price of $145.29 on July 3.

The Energy Department comes out with its weekly survey of diesel and gasoline prices on Monday.