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Oil falls, has 1st weekly decline since mid-June

Published on NewsOK Modified: July 26, 2013 at 2:08 pm •  Published: July 26, 2013

NEW YORK (AP) — The oil market cooled off this week following some lofty gains.

Oil fell 79 cents to close at $104.70 Friday in New York. For the week, the price of oil fell $3.35, or 3.1 percent, the first weekly decline since mid-June.

Drivers saw a bit of relief. The average price of gasoline fell 2 cents over the past week to $3.65 a gallon. That's still 11 cents higher than a month ago.

China, a major energy consumer, played a big role in this week's decline in the price of oil. Traders were concerned over the country's decision to press ahead with painful economic restructuring and forgo another round of stimulus even though growth has slowed.

Oil is still up $11, or 12 percent, since June 21, when it fell to $93.69. It broke above $100 on July 3 for the first time since May 2012 and peaked at slightly more than $109 on July 19. The rise was mostly due to falling U.S. crude stockpiles and increased interest from financial investors.

Oil's rise pushed up pump prices. Starting on July 8, the average price for a gallon of gas rose for 11 straight days, going from $3.47 to $3.67, before leveling off. At $3.65, the price is still 16 cents more expensive than at this time last year.

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