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Crude oil prices moved moderately lower on Friday amid a bout with profit-takers. Oil was able to hold a good portion of its weekly gains and remain above $72 a barrel.
Light sweet crude closed at $72.04 per barrel, down 43 cents on the session. Prices fell as low as $71.27 after earlier reaching as high as $72.66.
For the week, oil finished up $2.82 per barrel. Much of the rally came on Wednesday after the Energy Information Administration reported crude oil supplies decreased by 4.7 million barrels last week.
With no major economic news on the calendar, traders awaited the Federal Reserve's interest rate decison on Wednesday. Rates are likely to remain near zero.
The dollar was little-changed near the low of 1.4746 from yesterday against the euro after giving back a modest early rally. The buck climbed to a two-week high against the sterling.
Natural gas prices inched higher on Friday after plunging nearly 8% yesterday. October natural gas rose 2 cents to $3.48 per million British thermal units.
There was no major economic data on Friday's calendar. On Monday, leading indicators data for August is expected at 10 a.m. ET. A rise of 0.7% is forecast, compared to a 0.6% increase in July.
The dollar was little-changed against the euro, failing to mount much of a comeback from a yearly-low. The buck did climb to a two-week high against the sterling.
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