Oil Falls $2 to Finish Week Near $75 a Barrel
Oil prices declined $2 Friday, capping an $11 week-long plunge to finish the week near $75 a barrel, Bloomberg reported.
Crude futures finished the week at $75.11 a barrel on the New York Mercantile Exchange, more than $11 below last Friday’s $86.15, Bloomberg said.
Friday’s drop followed downturns of near $3 every day this week and was prompted in part on concerns that Europe’s debt crisis could spread to other economies including the U.S., Bloomberg reported.
The crude price is the lowest since February, and diesel and gasoline prices have been rising since mid-February, with few interruptions, with the latest prices at their highest levels since October 2008.
The Department of Energy will release its next weekly survey of diesel and gas pump prices Monday afternoon in Washington.
