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Friday, October 02, 2009
Crude Settles Below $70 a Barrel
By Kathryn Glass
FOXBusiness
The price of light, sweet crude oil fell for the first time in two days to kick off the month of October, sliding 87 cents or 1.23%, to settle at $69.95 per barrel on Friday.
The fuel’s price began its downward momentum after the U.S. Department of Labor issued a worse than expected jobs report, showing the unemployment rate rose to 9.8%. This news sparked added strength in the dollar, and as the dollar rose in value, the price of crude began to fall.
Despite Friday’s plunge, crude prices still rose this week, jumping $3.93 per barrel, or 6%, in the fuel’s best week since August 21.
Oil stocks followed crude's price lower, with Chevron Corp. (CVX), ExxonMobil (XOM) and Marathon Oil (MRO) all falling about 1% in Friday's session.
Other Fuels
RBOB gasoline for November delivery fell 1.70 cents or 1% in Friday’s session, settling at $1.7409 per gallon. Friday was
the fuel’s first losing day in two days. RBOB gasoline rose 10.49 cents per gallon on the week, or 6.4%, its biggest weekly
percentage and dollar gains since the week ending on July 31.
Heating oil fell for the second day in a row, sliding 3.06 cents, or 1.7%, to settle at $1.7968 per gallon. The fuel has seen prices rise in three of the last four weeks; this week heating oil prices rose 9.03 cents per gallon, or 5.3%, to $1.7968.
Natural gas gained for the first day in two, rising 25.2 cents, or 5.6%, on the first day of the month, to settle at $4.718 per million BTUs. This week, the fuel fell 23 cents per million BTUs, or 4.7%, ending a three-week gaining streak.
Metals
Gold for October delivery rose $3.70, or 0.4%, to settle at $1,003.20 per troy ounce. This week the metal gained $12.90 or
1.31%. Gold prices have risen steadily for ten out of the past 12 weeks.
Silver fell 21 cents, or 1.3%, to settle at $16.208 per troy ounce on Friday,. The metal rose 17 cents, or 1.1%, on the week.
Copper fell 5.40 cents, or 2%, on Friday to settle at $2.6715 per pound. The industrial metal fell 5.95 cents, or 2.2%, this week, its fifth consecutive losing week. Today’s settle was copper’s lowest since July 31.






