WTI December contracts down; January up slightly

Crude oil prices were lower this week after a decline of $2.50 per barrel on Thursday on rumors, which turned out to be unfounded, that crude oil storage facilities in Louisiana, where West Texas Intermediate is stored, were full. WTI December contracts were 44 cents lower to $55.82 per barrel Friday on the New York Mercantile Exchange. With the December contracts expiring, January WTI volumes were higher and their price rose 12 cents to $58.69 per barrel but were down 4.6 percent over the week. Meanwhile, Brent crude for January delivery added 20 cents on the day to $58.74 per barrel but dropped 1.6 percent during the week.