Local & Regional
Sat September 22, 2012
U.S. crude oil closes week at $92.89 a barrel
NEW YORK (AP) — The price of oil rose slightly Friday, but still had its biggest weekly decline since late June as traders are uncertain about the global economy.
Oil got a boost the past few weeks as the U.S. and European central banks implemented measures designed to bolster their economies. But demand for oil remains sluggish and supplies are plentiful. Global growth is sluggish, which means less demand for energy products. That led traders to pull back this week, with oil falling $8 per barrel in three days.
U.S. benchmark oil rose 47 cents, or 0.5 percent, to settle at $92.89 a barrel in New York. It fell 6.2 percent for the week by closing time on Friday.