Commodity Corner: Oil Down for the Week
Crude oil for December delivery settled $1.13 higher Friday, ending the day at $81.69 a barrel.
Despite the volatility of trading during the week, oil was down only 1.7% compared to Monday's settlement price. Oil has been supported by the dollar's weak position relative to the euro, but there has been speculation that G20 countries other than the United States will adopt measures to weaken their own currencies in an effort to boost exports and thus help their own economies.
Oil traded within a range from $80.41 to $81.78.
Natural gas futures, which have struggled recently under the weight of very high inventory levels and mild weather, had another down day Friday. November natural gas settled four cents lower at $3.33 per thousand cubic feet, and the contract price fluctuated between $3.29 and $3.40. Gas is down 2.9% for the week.
Front-month gasoline rose two cents Friday to settle at $2.06 per gallon after trading from $2.04 to $2.07. Nevertheless, gasoline for November delivery is down 4.2% for the week.