Oil Slips Slightly from One-Year High; Remains Over $78
Oil retreated slightly from the one-year high it reached Friday but remained over $78 a barrel in early trading Monday, Bloomberg reported.
Crude futures fell to $78.37 a barrel on the New York Mercantile Exchange, down from its $78.51 close Friday, a one-year high, Bloomberg said.
The decline comes as the Energy Department reported that distillate fuel supplies remained 30% above their five-year seasonal average, causing speculation supplies were too plentiful to justify the high prices, Bloomberg reported.
The contract for November delivery ends Tuesday. The December contract traded at $78.75 a barrel Monday morning, down 27 cents from the last close.
Oil gained 8.8% last week after closing at $71.77 the previous Friday, marking the biggest weekly gain in almost two months.
