Newspaper article THE JOURNAL RECORD

Drop in Oil Prices Seen on National, Spot Markets

Newspaper article THE JOURNAL RECORD

Drop in Oil Prices Seen on National, Spot Markets

Article excerpt

Oil prices fell Friday, extending their losing streak to five days despite news of overseas production problems.

Light sweet crude oil for delivery in December settled at $23.01 per barrel, down 19 cents, at the New York Mercantile Exchange. For the week, oil fell 81 cents a barrel.

Most major buyers of crude oil on the spot market in Oklahoma cut prices by 25 cents per barrel. Posted prices for Oklahoma Sweet and West Texas Intermediate were decreased to $21.75 per barrel by Kerr-McGee Refining Corp., Phillips 66 Co., Koch Oil Co. and Citgo Petroleum Corp.

Kerr-McGee also said it would pay $22 per barrel for Central Oklahoma Sweet and $19.65 for Oklahoma Sour. Citgo and Koch said they would pay 0 for Oklahoma Sour.

Natural gas prices were mostly lower, with contracts for delivery in December settling at $2.082 per 1,000 cubic feet, unchanged from Thursday's final price and 0.1 cents lower for the week.

In London, North Sea Brent Blend crude oil for delivery in December settled at $21. …

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