Oil Falls to Six-Week Low Under $74 a Barrel

Oil fell almost $1 to below $73.50 a barrel Friday, a six-week low, on a continued uncertain economic outlook, Bloomberg reported.

Crude futures fell 97 cents to close the trading week at $73.46 a barrel on the New York Mercantile Exchange, the lowest price since July 6, Bloomberg said.

Oil fell 99 cents on Thursday. Gasoline and diesel prices fell this week, with diesel dipping 1.2 cents to $2.979 a gallon, its first decline in a month.

In addition to economic concerns, the U.S. dollar also strengthened, reaching its highest level in five weeks, Bloomberg reported. Oil is traded in dollars on the Nymex and a weaker dollar could boost the price.

Retail pump prices had been rising through late July and early August when oil topped $80 a barrel, but it has not closed above that level since Aug. 10.

The Department of Energy will release its next weekly survey of retail fuel prices Monday afternoon in Washington.