Oil Falls for Fourth Day, Finishing Week Near $89 a Barrel
Oil fell for the fourth straight day Friday, slipping 48 cents to closing the week at $89.11 a barrel, Bloomberg reported.
Crude futures for March delivery on the New York Mercantile Exchange have declined 3.7% this week, Bloomberg said. The February contract expired Thursday at $88.86 a barrel.
The Department of Energy reported an increase in distillate fuel demand Thursday due to colder weather. Distillates include diesel and heating oil.
But overall crude supplies rose by 2.6 million barrels last week, DOE said in its weekly report.
The department will report its weekly survey of diesel and gasoline prices on Monday afternoon in Washington. Both diesel and gasoline have hit their highest levels since October 2008 in each of the past seven weeks.
