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Oil posts slight loss; gasoline up to $3.33

Published on NewsOK Modified: January 25, 2013 at 2:38 pm •  Published: January 25, 2013
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The price of oil fell slightly Friday as a report showing a cooling off in new home sales offset the positive influence of ebullient U.S. stock markets.

Benchmark oil fell 7 cents to close at $95.88 in trading on the New York Mercantile Exchange. It ended the week with a gain of 32 cents.

The Commerce Department said new-home sales fell 7.3 percent last month to a seasonally adjusted annual rate of 369,000. That's down from November's rate, which was the fastest in 2 ½ years. Still, sales for the entire year were the best since 2009.

Oil prices are being supported by investors' confident mood, reflected by rising indexes in global stock markets and gains by the euro against the dollar.

A weaker dollar makes crude cheaper — and a more attractive investment — for traders using other currencies. On Friday, the euro was up at $1.3458 from $1.3378 late Thursday in New York.

A batch of mostly positive earnings reports from Corporate America buoyed U.S. stock markets. The S&P 500 broke through 1,500 Thursday for the first time since December 2007 and lingered above that milestone on Friday. European stocks posted strong gains as well.

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