Oil slips, ends week down nearly 2 percent

  • Article by: The Associated Press
  • Associated Press
  • September 27, 2013 - 2:50 PM

NEW YORK — Oil fell slightly Friday, and finished the week with a decline of nearly 2 percent.

Benchmark oil for November delivery fell 16 cents to close at $102.87 a barrel on the New York Mercantile Exchange. For the week, the price declined $1.80 a barrel, or 1.7 percent.

Oil has fallen for three straight weeks as diplomatic efforts surrounding Syria and Iran ease concerns about Middle East supplies. That's outweighed some positive economic news in the U.S.

Brent crude, the benchmark for international crudes used by many U.S. refineries, dropped 58 cents to $108.63 a barrel on the ICE Futures exchange in London.

In other energy futures trading on Nymex:

— Wholesale gasoline fell 3 cents to $2.68 per gallon.

— Natural gas rose 2 cents to $3.59 per 1,000 cubic feet.

— Heating oil lost 1 cent to $2.99 per gallon.

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