Oil futures settled at their lowest in over two months Friday with expectations for a supply surplus next year, strength in the U.S. dollar, and continued worries over demand from China - the world's largest crude importer - prompting prices to post a loss for the week.
West Texas Intermediate crude for December delivery fell $1.68, or nearly 2.5%, to settle at $67.02 a barrel on the New York Mercantile Exchange. Prices based on the front month contract settled at their lowest since Sept. 10 and logged a weekly fall of 4.8%, according to Dow Jones Market Data.
January Brent crude, the global benchmark, shed $1.52, or 2.1%, at $71.04 a barrel on ICE Futures Europe. It saw a weekly decline of 3.8% and settled at the lowest since Sept. 11.
December gasoline fell 1.6% to $1.9493 a gallon, for a loss of 3.1% for the week, while December heating oil lost 1.9% to $2.1709 a gallon, posting a weekly loss of 3%.
Natural gas for December delivery settled at $2.823 per million British thermal units, up 1.4% for the session and up 5.8% for the week.
Source : MarketWatch
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