Crude oil prices drop 3.5 percent over week

The price of crude oil was down on Friday, with Brent crude August contracts dropping by 54 cents to $67.90 by late afternoon on the International Petroleum Exchange in London.  Despite the fact that Brent was up $1.80 from Wednesday’s price, it still lost 3.5 percent over the week.

West Texas Intermediate crude July contracts were down by 45 cents by mid-morning on Friday on the New York Mercantile Exchange, trading at $69.05 per barrel.  This put WTI around 3.5 percent lower for the week.  The higher price for WTI compared to Brent had to do with concerns about the new hurricane season and the specter of supply disruptions similar to last year’s.