Money Matters - Simplified

Economic concerns help drive down oil

New York -- Concerns over a potentially weaker U.S.economy helped hold down oil prices Friday.

Sweet crude for September delivery dropped $1.38 or 1.8 percent to close at $75.48 a gallon. Oil finished down 2 percent for the week.

Natural gas was down 1.6 cents to close at $6.09 per million British thermal units. Reformulated oil closed up 0.72 cent at $2.029 a gallon and heating oil was down 4.06 cents at $2.034 a gallon.

The average price for a gallon of regular unleaded gasoline at the pump, meanwhile, was down 1 cent at $2.858, the AAA said in its daily fuel gauge report.

Copyright 2007 by United Press International.