Brent, WTI remain under $70 per barrel

Oil prices dropped again on Friday, partly because there has been little change in the situation surrounding Iran’s nuclear program and partly due to a lack of concern about storms in the oil-producing areas of the Gulf of Mexico.  Over the week, unexpected advanced in oil imports and in US crude oil and gasoline inventories also contributed to lower prices.

Brent crude October contracts fell 54 cents by late afternoon in London to $69.71 per barrel, bringing the week’s price decline to 4 percent.  Meanwhile, October deliver West Texas Intermediate crude dropped 41 cents to $69.85 per barrel by early afternoon on the New York Mercantile Exchange.  WTI prices were down by over 3.5 percent during the week.

With the summer driving season in the United States drawing to an end with the Labor Day holiday this weekend, gasoline futures fell nearly 7 percent this week.  Nymex October unleaded gasoline stood at $1.7940 per gallon on Friday, its lowest level in six months.