Oil slips, ends week down nearly 2 percent

NEW YORK (AP) — Oil fell slightly Friday, and finished the week with a decline of nearly 2 percent.

Benchmark oil for November delivery fell 16 cents to close at $102.87 a barrel on the New York Mercantile Exchange. For the week, the price declined $1.80 a barrel, or 1.7 percent.

Oil has fallen for three straight weeks as diplomatic efforts surrounding Syria and Iran ease concerns about Middle East supplies. That’s outweighed some positive economic news in the U.S.

Brent crude, the benchmark for international crudes used by many U.S. refineries, dropped 58 cents to $108.63 a barrel on the ICE Futures exchange in London.

In other energy futures trading on Nymex:

— Wholesale gasoline fell 3 cents to $2.68 per gallon.

— Natural gas rose 2 cents to $3.59 per 1,000 cubic feet.

— Heating oil lost 1 cent to $2.99 per gallon.

KSN.com provides commenting to allow for constructive discussion on the stories we cover. In order to comment here, you acknowledge you have read and agreed to our Terms of Service. Commenters who violate these terms, including use of vulgar language or racial slurs, will be banned. Please be respectful of the opinions of others. If you see an inappropriate comment, please flag it for our moderators to review.

blog comments powered by Disqus