Newspaper article THE JOURNAL RECORD

Oil Prices Decline below $19 for 1st Time in Eight Months

Newspaper article THE JOURNAL RECORD

Oil Prices Decline below $19 for 1st Time in Eight Months

Article excerpt

From Staff, Wire Reports

Crude oil futures prices settled below $19 a barrel Friday for the first time in eight months, capping a week of declines.

Light, sweet crude for January delivery settled at $18.94 a barrel on the New York Mercantile Exchange, down 14 cents. It was the lowest closing price since March 20, when crude was at $18.90. There was no trading in lower grade sour crude.

On the spot cash market, posted prices were lowered 25 cents by Phillips 66, Kerr-McGee Corp., Koch Oil Co. and Sun Co., each posting Oklahoma Sweet and West Texas Intermediate at $17.50 a barrel _ also an eight-month low. Oklahoma Sour was posted at $15.90 by Kerr-McGee, Koch and Sun. Kerr-McGee posted Central Oklahoma Sweet at $17.75.

The decline in oil futures pushed down the price of heating oil futures. Gasoline and natural gas prices, however, rose.

Among refined petroleum products, home heating oil for January delivery fell 0.22 cents to 54.22 cents a gallon, on top of a large drop Thursday. …

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