Oil Falls to Seven-Week Low Below $76 a Barrel
Oil fell almost $1 to a seven-week low of less than $76 a barrel Friday as the dollar surged on an unexpected drop in the U.S. unemployment rate, Bloomberg reported.
Benchmark light sweet crude futures fell 99 cents to close the week at $75.47 a barrel on the New York Mercantile Exchange, Bloomberg said.
OPEC will review its production targets at a meeting Dec. 22, Bloomberg reported; the 12-member cartel kept quotas steady at its previous three meetings this year.
Diesel and gasoline have been on a slight downward trend for the past month. The Department of Energy will release its weekly price survey Monday in Washington.
