Crude oil slips below $70 a barrel Friday

By
September 1, 2006 16:44

 
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Oil prices fell below $70 a barrel Friday, as Iran's defiance of the United Nations' request to stop its nuclear enrichment program didn't lead to immediate sanctions. Also easing energy prices ahead of the long Labor Day weekend were a mixed US jobs report, which suggests fuel demand probably won't surge sharply; a more subdued forecast for this year's hurricane season; and plans from BP PLC to increase output at its huge oil field at Prudhoe Bay. Light, sweet crude for October delivery fell 46 cents to $69.80 a barrel in midday trading on the New York Mercantile Exchange. Brent crude for October delivery on London's ICE Futures exchange fell 32 cents to $69.93 a barrel.

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