Oil Finishes Week Below $60 a Barrel
Oil finished the trading week below $60 a barrel, marking its biggest single-week drop since January, Bloomberg reported.
Prices have fallen more than $11 from the $71.49 June 29 Nymex closing price and are down from $66.73 at the end of last week’s trading prior the July Fourth holiday weekend.
Separately, the International Energy Agency said Friday that global oil demand will rebound 1.7% next year, led by rising consumption in emerging economies as the developed world recovers from recession, Reuters reported.
But the IEA, adviser to 28 industrialized economies, predicted demand would shrink this year and said the need for OPEC oil would be limited, Reuters said.
The Energy Department comes out with its weekly price surveys of diesel and gasoline prices on Monday.
