Crude Oil Continues Slide

NEW YORK (TheStreet) -- Crude oil continued its slide below $80 a barrel to end the week, even as natural gas and gasoline prices managed to make gains on Friday.

A stronger greenback pressured oil prices and equities on Friday, capping a week that showed that energy stockpiles remain at above-average levels. Continued cost-cutting efforts by residential and corporate customers combined with unseasonably warm temperatures have renewed weak demand worries across the energy sector.

Light sweet crude for January delivery pared some of its losses after dipping to a daily low of $76.76 to end the week down by 58 cents, or 0.7%, at $78.05 a barrel. The December crude contract, which expired during the day's session, settled down by 74 cents, or 1%, at $77.46 a barrel.

Natural gas for December delivery settled ahead by 8 cents, or 1.9%, at $4.42 and the January gasoline contract settled up by 0.2% at $2 per gallon. On Friday, refinery operator Valero Energy(VLO Quote) announced the permanent closure of its Delaware City refinery, affecting 550 employees at the plant. The decision, aimed at improving the company's cash flow, bumped shares up by 11 cents, or 0.7%, to close at $16.47.

Heating oil for January delivery, meanwhile, settled lower by 2 cents, or 1%, at $2.01 a gallon.

Energy-related equities reflected the day's weaker oil prices as shares of big integrateds like Chevron (CVX Quote) and ConocoPhillips (COP Quote) slumped by 0.7% and 0.9%, respectively. One notable exception was Hess (HES Quote), which saw shares finish up by $1.28, or 2.2%, at $58.84 on an upgrade from Morgan Stanley.