Oil Drops $3 to Close Week Below $68 a Barrel
Oil prices fell more than $3 Friday to below $68 a barrel, a two-week low, following a report that showed consumer confidence fell this month, Bloomberg reported.
Benchmark light sweet crude futures fell $3.07 to close the trading week at $67.45 on the New York Mercantile Exchange, Bloomberg said.
The decline followed a University of Michigan/Reuters report earlier Friday that showed a downturn in consumer confidence.
Oil reached as low as $67.12 Friday, the lowest since July 31.
Both diesel and gasoline prices jumped earlier this week in the Department of Energy’s weekly price surveys, by 7.5 cents for diesel and 9 cents for gas.
DOE’s next weekly survey will be released Monday afternoon in Washington.