Oil Slides to Finish Week Below $100 a Barrel
Oil fell to finish trading below $100 a barrel Friday, taking its biggest drop in four weeks on indications that Saudi Arabia will boost output next month, Bloomberg reported.
Crude futures fell $2.64 to finish New York Mercantile Exchange trading for the week at $99.29 a barrel, following closing prices of more than $100 the past two days.
Saudi Arabia, the world’s largest producer, may increase production by as much as 10 million barrels a day in July, Bloomberg reported.
Diesel and gasoline prices have slide in the past month, following about five months of run-ups to two-and-a-half-year highs near or more than $4 a gallon.
The Department of Energy will release its weekly survey of filling stations Monday afternoon in Washington.
