Crude oil prices drop nearly $1 per barrel

The price of crude oil was lower on Friday even though the International Energy Agency said that demand for oil around the world will be “exceptionally strong” in the fourth quarter of the year, with tighter markets due to winter consumption and OPEC production cuts. The IEA said that demand will be up by 2.4 million barrels a day through the end of 2006.

Brent crude for December delivery dropped 97 cents to $60.35 per barrel, while December contracts for West Texas Intermediate crude were 95 cents lower to $60.21 per barrel. Even with these declines, however, prices for both Brent and WTI were 1.9 percent higher over the week.