Oil ends lower
Published:Sunday | August 21, 2011 | 12:00 AM
Oil ended the day below US$83 a barrel on Friday, finishing down about four per cent for the week, on fears that another recession could cut demand for energy.
Benchmark West Texas Inter-mediate crude for September delivery fell 12 cents to finish at US$82.26 per barrel on the New York Mercantile Exchange.
Benchmark crude remains well above its lowest point in the past year. It finished at US$71.63 a barrel last August 24.
In other Nymex trading for September contracts, heating oil rose 2.97 cents to finish at US$2.9045 per gallon, and gasolene futures added 5.08 cents to end at US$2.8412 per gallon.
Natural gas rose 4.8 cents to finish at US$3.940 per 1,000 cubic feet.
In London, Brent crude rose US$1.63 to end the day at US$108.62 per barrel on the ICE Futures exchange.
- AP