- Commodity Corner: Oil Ends Week Lower
Friday, August 19, 2011
by Saaniya Bangee
Light, sweet crude posted a slight loss Friday, pressured by yesterday's bearish stock sell-off, as well as a series of negative economic data.
Oil futures ended the week 12 cents lower, settling at $82.26 a barrel Friday and down 3.7 percent for the week. Oil prices traded as low as $79.17 after an earlier intraday peak of $83.55, which was caused by an early rise in the stock market.
Crude gained some support Friday from a weaker dollar. The Dollar Index, which measures the dollar against a basket of major foreign currencies, traded at 74.002 from 74.216. The greenback reached a new post-World War II low against the Japanese yen.
Meanwhile, the September Brent contract price settled $1.63 higher at $108.62 a barrel. The intraday range for Brent was $106.43 to $109.30 a barrel.
Natural gas for September delivery gained nearly 5 cents, or 1.2 percent, to settle at $3.94 per thousand cubic feet. Natural gas fluctuated between $3.90 and $3.97 for the last trading session of the week.
Front-month gasoline advanced 5.80 cents to finish at $2.84 a gallon Friday. RBOB rose for a second straight week.
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