Oil Futures Dip Below $106
SAN FRANCISCO --- Crude-oil futures fell below $106 per barrel Friday, in position to end the week with a loss of more than 8 percent with no immediate threat to U.S. energy output, a slowdown in global demand still a concern and uncertainty surrounding a meeting of key oil producers next week, Marketwatch reported.
Crude oil for October delivery fell $2.14 to $105.75 a barrel on the New York Mercantile Exchange after trading as low as $105.60. The contract lost $2 to $105.89 in electronic trading on Globex.
"Persistent concerns over weakening oil demand" have had an impact on oil prices, said Nimit Khamar, an analyst at Sucden Research, in a note. "The outlook for global economies is looking far from rosy, and is fueling concerns over demand destruction and pushing oil prices lower."