Oil falls back below $70 a barrel

Dunya News

Oil prices fell sharply Friday, giving up some of the gains crude made this week even as the dollar fell to a fresh low for 2009. Benchmark crude for October delivery tumbled $2.65 to $69.29 a barrel on the New York Mercantile Exchange. In London, Brent crude fell $2.23 to $67.66 on the ICE Futures Exchange. On Thursday, the contract rose 63 cents. Gasoline, heating oil and natural gas prices also were down. Natural gas prices had jumped 15 percent on Thursday and then fell 9 percent Friday. Oil had been up more than $4 this week and rose as much as 96 cents to $72.90 Friday as investors eyed rising stock markets and a slumping US dollar, but the rally stalled Friday. Prices at the pump rose 0.4 cents overnight to $2.58 a gallon, according to travel club AAA, Wright Express and Oil Price Information Service. Prices at the pump are 6.5 cents below levels of a month ago and down $1.091 from a year ago.
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