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Oil Closes Week Below $114
Crude oil continued its slide of the last few weeks, falling $1.58 Friday to close the trading week at $113.43 a barrel on the New York Mercantile Exchange, Bloomberg reported.
Oil has fallen steadily in the past month, dropping more than $30 since closing at a record $145.18 on July 14 on the New York Mercantile Exchange.
Analysts pegged the decline in part to a strengthening U.S. dollar, as oil is traded in world markets in U.S. currency, Bloomberg reported.
Continuing weakening demand worldwide due to slowing economies also was contributing to the fall, Bloomberg said.