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Summary Oil price of oil fell Friday on concerns that growth in global crude demand will slow.
The price of oil fell Friday on concerns that growth in global crude demand will slow even as more petroleum becomes available.Benchmark oil fell 21 cents Friday to $91.86 per barrel in New York.On Friday, the International Energy Agency issued a new report predicting slower growth in demand for oil over the next five years. It cited the sluggish global economy and growing energy efficiency. The agency also forecast that supplies will increase, in part because U.S. production from shale formations is exceeding expectations.The IEA is an organization of 28 oil-importing countries that collects and analyzes data about global petroleum supply and demand.Fridays decline in the price of oil eroded some of the gains from earlier this week, when tensions between Syria and Turkey raised worries about supplies. Still, the price of U.S. benchmark crude climbed 2.2 percent over the past week.AAA said gasoline prices at the pump fell less than a penny from Thursday to $3.81 for a gallon of regular. Thats about 41 cents higher than a year ago but down 5 cents from a month ago.Brent crude, which is used to price international varieties of oil, dropped $1.07 to $113.61 per barrel in London.
