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Oil falls 1st time this week; natural gas jumps

January 24, 2014

NEW YORK (AP) — The price of oil slipped a bit Friday, but still finished the week with a gain of more than 2 percent. A sell-off in global equity markets may have weighed on oil traders’ sentiments, producing the first losing day of the week.

Benchmark U.S. crude for March delivery fell 68 cents to close at $96.64 a barrel on the New York Mercantile Exchange. For the week, oil gained $2.27 a barrel, or 2.4 percent.

Meanwhile, the price of natural gas soared nearly 10 percent. The frigid temperatures across much of the U.S. Midwest and Northeast have homeowners and businesses cranking up the heat. At the same, the recent combination of snow, ice and cold temperatures has impeded some natural gas production.

Natural gas jumped 45 cents to reach $5.18 per 1,000 cubic feet (28.32 cubic meters), the highest close since June 2010.

Brent crude, a benchmark for international oil, rose 30 cents to $107.88 a barrel on the ICE Futures exchange in London.

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