MARKET WATCH: NYMEX oil futures close lower on the week, still under $95/bbl

The New York Mercantile Exchange December crude contract was down 60¢ on Nov. 7 to settle at $94.20/bbl. The January 2014 contract dropped 59¢ to $94.54/bbl.

The New York Mercantile Exchange December crude contract was down 60¢ on Nov. 7 to settle at $94.20/bbl. The January 2014 contract dropped 59¢ to $94.54/bbl.

Heating oil for December delivery lost slightly more than 3¢, settling at a rounded $2.84/gal on NYMEX. Reformulated gasoline stock for oxygenate blending for December delivery fell 4.5¢ to a rounded $2.50/gal.

The December natural gas contract on NYMEX was up 2.1¢ to settle at a rounded $3.52/MMbtu. On the US spot market, the gas price at Henry Hub, La., was a rounded $3.56/MMbtu, an 8.6¢ gain.

In London, the December ICE contract for Brent crude oil relinquished $1.78, settling at $103.46/bbl. The January 2014 contract declined $1.75 to $103.60/bbl. The November contract for ICE gas oil decreased $16.50 to $888.50/tonne.

The Organization of Petroleum Exporting Countries reported its basket of 12 benchmark crudes was $102.64/bbl on Nov. 7, down $1.18.

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