Oil Drops Following Declines In Stock Market

The price of oil dropped below $101 per barrel Friday after disappointing earnings in the U.S. prompted declines in the stock market.

Benchmark U.S. crude for June delivery shed $1.34 to close at $100.60 on the New York Mercantile Exchange. Oil finished the week with a decline of $3.70 a barrel, or 3.5 percent.

Brent crude, an international benchmark for oil, fell 75 cents to $109.58 on the ICE Futures exchange in London.

Weak earnings from Ford and Amazon, in particular, helped dent sentiment in U.S. stock markets. A drop in Ford sales in the U.S. suggested consumer spending on transportation and fuel in the world's largest economy might not remain as strong as expected. The Dow Jones industrial average and the broader Standard & Poor's 500 index each dropped about 0.8 percent.

At the gas pump, U.S. drivers are paying an average of $3.69 a gallon heading into the weekend. That's up about 14 cents from a month ago and is 18 cents higher that at this time last year.

In other energy futures trading in New York:

  • Wholesale gasoline declined 1 cent to $3.08 a gallon.
  • Heating oil fell 3 cents to $2.99 a gallon.
  • Natural gas fell 6 cents to $4.65 per 1,000 cubic feet.

Copyright 2015 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE



Most Popular Articles

From the Career Center
Jobs that may interest you
Project Engineer/Project Manager
Expertise: Project Management
Location: Baton Rouge, 
 
Sales Manager ADI
Expertise: Sales
Location: Pittsburgh, 
 
Community Relations Manager Job
Expertise: Legal|PR / Corporate Communications|Project Management
Location: Red Wing, MN
 
search for more jobs

Brent Crude Oil : $55.49/BBL 2.45%
Light Crude Oil : $52.42/BBL 2.04%
Natural Gas : $3.2/MMBtu 5.04%
Updated in last 24 hours