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3/1/2013 5:00:00 PM Write a Letter to the Editor Write a letter to the Editor

Oil Falls Below $91 to Lowest Price of Year

Bruce Harmon/Trans Pixs

Oil fell to its lowest price this year, declining more than $1 on Friday to finish below $91 a barrel, Bloomberg News reported.

Crude futures dropped $1.37 to finish the trading week at $90.68 a barrel on the New York Mercantile Exchange, the lowest closing price since Dec. 24, Bloomberg said.

Prices were down in part due to data that showed China’s manufacturing growth slowed for a second straight month, Bloomberg said.

Oil has declined modestly in the past two weeks, even as retail diesel and gasoline pump prices have shot higher.

Diesel was at $4.159 a gallon in this week’s Department of Energy weekly survey — its highest pump price since August 2008.

Crude has not closed at more than $97 in since Feb. 14, according to Bloomberg Nymex figures.

DOE will release its next survey of gasoline and diesel prices on Monday afternoon in Washington.

By Transport Topics

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