Crude Oil Futures Down 4.2% For Week

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rude oil futures fell $1.01 to close at a five-month low of $66.31 a barrel on the New York Mercantile Exchange, Bloomberg reported Friday.

Prices declined 4.2% for the week on news of ample U.S. oil supplies and word that Iran will not face sanctions from the United Nations as long as talks regarding the oil-rich nation’s nuclear program continue. Iran had faced an Aug. 31 deadline to halt uranium enrichment activities, Bloomberg said.

While U.S. oil supplies declined 2.21 million barrels to 330.6 million in the week ended Sep. 1, inventories are 12% higher than the five year average, Bloomberg reported.

Oil is down 15% since July 14, when prices hit a record $78.40 a barrel on supply concerns stemming from the conflict between Israeli and Hezbollah forces, Bloomberg said.

A mild hurricane season also contributed to falling oil prices, as Hurricane Ernesto made its way up the Atlantic coast, steering clear of oil platforms and refineries in the Gulf of Mexico that were decimated last year by Hurricanes Katrina and Rita, Bloomberg reported.

Meanwhile, Tropical Storm Florence, the season’s sixth named storm, is not expected to cross into the Gulf, Bloomerg said, citing reports from the National Hurricane Center.