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Updated from 1:47 p.m. EDT
Crude prices staged a sharp reversal Friday, heading lower as traders weighed evidence that high prices are sapping demand.
After jumping earlier, the October crude contract, which has lost about 8% since the International Energy Agency announced it would supply the U.S. with emergency oil, closed down 41 cents to $64.08 on Nymex. Gasoline futures dropped 8 cents to $1.95 a gallon.
Gasoline prices dropped more than $1 this week after reaching an all-time high of $2.925. "Last week we had a panic reaction to the upside; this week was a panic reaction to the downside," said Tom Kloza Chief, an oil analyst at OPIS. ...
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| Dow Jones | S&P 500 | NASDAQ | 10-Year Note | |
|---|---|---|---|---|
| 10,388.90 | 1,105.98 | 2,194.35 | 34.83 |
Oil *
77.74
|
|
UP
22.75
|
UP
6.06
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UP
21.21
|
UP
1.03
|
10 Yr
3.48%
SPDR Gold
113.75
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+0.22%
|
+0.55%
|
+0.98%
|
+3.05%
|
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