Crude Oil Remains Below $49 a Barrel; More Declines Possible

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rude oil rose slightly to close at $48.67 a barrel, almost $10 a barrel below its record high set April 4, news services reported Friday.

A Bloomberg survey showed that oil prices could fall further next week, with most analysts forecasting declines in the wake of strong inventory reports Wednesday.

Benchmark light sweet crude futures hit a three-month low of $47.75 a barrel in intraday Friday on the New York Mercantile Exchange before rising, Bloomberg reported.

Futures reached a record when they hit $58.28 in intraday Nymex trading April 4. Prices fell by about $2.50 this week and were down 17% from the April high, Bloomberg said.

Diesel and gasoline pump prices have declined in the past two Department of Energy surveys, receding from record highs reached in mid-April. The next weekly survey is due out Monday afternoon.