Crude slips due to worries about global oil demand

Prices register weekly gains for the first time in six weeks Crude oil prices at Nymex finished lower for the day on Friday, 08 June 2012, but gained on the week as traders worried about global oil demand and supplies ahead of a spate of Chinese economic data during the weekend and an OPEC meeting next week. Prices registered weekly gains for the first time in six weeks. Light, sweet crude-oil futures for July delivery shed 72 cents, or 0.9%, to settle at $84.10 a barrel on the New York Mercantile Exchange on Friday. For the week, prices finished 1% higher. Prices also fell due to a stronger dollar. The dollar index, which weighs the strength of the dollar against a basket of six other currencies rose by 0.3%. Commodity traders also digested the latest news on the economic front. On Friday, U.S. data covering the month of April showed that the nation's trade deficit shrank as exports retreated for the first time since November, while wholesale inventories gained 0.6% on the month to a seasonally adjusted $483.5 billion. In Germany, exports sank 1.7% in April from a month earlier, marking the first decline in exports this year. China surprised investors on Thursday with its first interest rate cut since late 2008 that initially buoyed financial markets, until worries emerged that the move may be aimed at pre-empting a slew of gloomy economic data for May. Chinese economic data and the potential funding needs for Spain and Cyprus will influence the markets early next week, while the June 17 Greek elections will become a greater influence toward the week's end. Among other energy products on Friday, July futures for gasoline closed unchanged at $2.685 a gallon. July heating oil rose 0.5 cent, or 0.2%, to $2.67 a gallon on Friday. Natural gas saw the biggest percentage move in the energy market Friday, rebounding after steep losses in the previous session. Natural-gas futures for July delivery tacked on 2.5 cents, or 1.1%, to settle at $2.30 per million British thermal units.