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Tag: Energy prices

Oil falls toward $70 a barrel

Oil falls toward $70 a barrel

Oil prices ended the week at the lowest level in nearly two months, weighed down by a stronger dollar and persistent doubts about the health of the global economy. Crude prices have now dropped more than 14 percent since cresting at a 15-month high of $83.18 a barrel on Jan. 6.

Energy prices were propped up earlier in the year by predictions that China, India and other developing nations would aggressively boost petroleum imports to feed their growing economies. But China has since taken steps to control risky bank lending and to cool off its economy.