Oil prices drop on week despite Friday gains

The price of crude oil was down during the week even though there has been no resolution to the latest political turmoil in the Middle East and despite gains on Friday.  Brent crude September contracts had added 70 cents to $74.42 per barrel by mid-afternoon in London on Friday, but was still down over 3.7 percent for the week.  West Texas Intermediate crude for September delivery was also up on the day, by 58 cents to $74.85 per barrel late in the morning on the New York Mercantile Exchange, but it was still over 2.7 percent lower on the week.