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Oil Plunges Almost $17 for Week

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5/6/2011 4:00:00 PM

Oil took its biggest weekly plunge in more than two years this week, falling almost $17 to near $97 a barrel, Bloomberg reported.

The dive, due in part to the death of al-Qaeda leader Osama bin Laden on Sunday and a strengthening dollar this week, was in concert with a five-day plunge in commodity prices, Bloomberg said.

Crude futures fell $16.75, or about 15%, from last Friday’s $113.93 closing price on the New York Mercantile Exchange, which had been the highest settlement price since September 2008, to finish the week at $97.18 a barrel.

The strengthening U.S. dollar gained 1.4% to $1.4341 against the euro Friday, the highest since April 19, Bloomberg said. A higher dollar can depress oil prices because crude futures are traded in dollars.

Diesel and gasoline prices have skyrocketed to approach record levels at or above $4 a gallon in the past three months, on a continuous rise since late November.

The Department of Energy will release its next survey of filling station prices Monday afternoon in Washington.

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© 2010, Transport Topics Publishing Group. All rights reserved.


Retail Diesel Prices Rise 2.6¢ (5/9/2011 3:45:00 AM)
Oil Plunges Almost $17 for Week (5/6/2011 4:00:00 PM)
Oil Tumbles to Below $100 a Barrel (5/5/2011 5:15:00 PM)
Oil Falls to Two-Week Low Under $109 (5/4/2011 12:15:00 PM)
Diesel Resumes Rise, Gaining 2.6¢ to $4.124 a Gallon (5/3/2011 11:10:00 AM)
Oil Drops After U.S. Says Bin Laden Killed (5/2/2011 8:30:00 AM)

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