(RTTNews) - Crude oil prices continued to tumble on Friday on demand concerns and a stronger dollar. Oil fell to a weekly low and approached a monthly low.
Light sweet crude for December dropped to $76.54, down 92 cents on the session. Prices hit as low as $76.20.
The dollar climbed to a 16-day high near 1.4800 against the euro. the greenback also hit a 2 1/2 week high against the pound.
Macquarie Group oil economist Jan Stuart said could fall to $60 per barrel in this quarter and the next one, according to reports. Speaking at a conference in Hong Kong, Stuart also said prices will average near $80 by the end of next year.
There is no major economic news in the U.S. planned for today. Meanwhile, the Bank of Japan decided to hold the overnight lending rate at 0.1%.
U.S. traders will look ahead to a holiday-shortened agenda next week, highlighted by the gross domestic product report on Tuesday.
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