Oil Slips to Near $74 a Barrel

Oil prices fell near $74 a barrel Friday following economic data that showed the service sector’s growth slowed, Bloomberg reported.

Crude futures fell 42 cents to finish the week at $74.60 on the New York Mercantile Exchange, after closing over $75 Thursday for the first time in a week, Bloomberg said.

The Institute for Supply Manufacturing said Friday that the economy’s service-sector growth rate slowed in August from July.

Diesel and gasoline prices have both fallen for the past three weeks after several weeks of increases.

The Department of Energy will release its weekly pump-price survey of the two fuels on Tuesday afternoon in Washington, a day later next week due to the Labor Day holiday Monday.