Oil Closes Week Above $110
Crude oil futures closed the trading week at more than $110 a barrel, despite an International Energy Agency report issued Friday that showed declining world demand, Bloomberg reported.
Benchmark light, sweet crude oil futures rose 3 cents from Thursday’s ending price to close the week at $110.14 a barrel on the New York Mercantile Exchange, Bloomberg said.
The IEA, which advises 27 countries, reduced its outlook by 310,000 barrels to 87.23 million barrels per day, Bloomberg reported.
U.S. petroleum demand will drop by 410,000 barrels this year, to 20.38 million barrels, IEA said, marking the biggest drop-off of any country, Bloomberg said.
Oil closed at a record $110.87 a barrel on Wednesday, after hitting an intraday record of $112.21 on the Nymex.
