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Oil Drops Below $77 On Stronger Dollar, Demand Worries 81 days ago
(RTTNews) - Crude oil continued to decline on Friday on demand concerns and finished below $77 per barrel.
Light sweet crude for December dropped to $76.72, down 74 cents on the session. Prices hit as low as $76.20 after briefly challenging $78.
For the week, oil finished up 37 cents. Crude finished last Friday's session at a monthly low.
The dollar hit 2 1/2-week highs against the euro and sterling before easing back. A weaker dollar reduces oil's value as a hedge investment.
Meanwhile, Macquarie Group oil economist Jan Stuart said could fall to $60 per barrel in this quarter and the next one, according to reports. Speaking at a conference in Hong Kong, Stuart also said prices will average near $80 by the end of next year.
There was no major economic news on Friday. Next week's calendar is highlighted by the GDP report on Tuesday.
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