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Crude oil prices hold under $76
NEW YORK, Crude oil prices held below $76 per barrel Friday on the New York Mercantile Exchange with prices down nearly 7 percent from the start of the week.
The U.S. Federal Reserve's estimate of the economic recovery as slowing down knocked crude oil prices from a recent perch near $81.50 per barrel. Traders are also concerned demand in China may weaken, although in Vienna Friday the Organization of Petroleum Exporting Countries said world demand would grow 1.2 percent in 2010, an increase of 100,000 barrels per day from a previous estimate.
The cartel also said "other factors such as government policies could impact the growth in demand," an acknowledgment that dropping rates of stimulus spending could undermine their own prediction.
On Friday, sweet, light crude for September delivery dropped 0.08 cents from a prior settlement to $75.66 per barrel.
Heating oil prices for September added 0.0009 cents to $2.0024 per gallon. Reformulated blendstock gasoline prices added 0.0003 cents to $1.9551 per gallon.
Henry Hub natural gas prices gained 0.008 cents to $4.304 per million British thermal units.
At the pump, the national average price of unleaded gasoline dropped to $2.77 Friday from Thursday's $2.776, AAA said.
NEW YORK, Crude oil prices held below $76 per barrel Friday on the New York Mercantile Exchange with prices down nearly 7 percent from the start of the week.
The U.S. Federal Reserve's estimate of the economic recovery as slowing down knocked crude oil prices from a recent perch near $81.50 per barrel. Traders are also concerned demand in China may weaken, although in Vienna Friday the Organization of Petroleum Exporting Countries said world demand would grow 1.2 percent in 2010, an increase of 100,000 barrels per day from a previous estimate.
The cartel also said "other factors such as government policies could impact the growth in demand," an acknowledgment that dropping rates of stimulus spending could undermine their own prediction.
On Friday, sweet, light crude for September delivery dropped 0.08 cents from a prior settlement to $75.66 per barrel.
Heating oil prices for September added 0.0009 cents to $2.0024 per gallon. Reformulated blendstock gasoline prices added 0.0003 cents to $1.9551 per gallon.
Henry Hub natural gas prices gained 0.008 cents to $4.304 per million British thermal units.
At the pump, the national average price of unleaded gasoline dropped to $2.77 Friday from Thursday's $2.776, AAA said.
