Oil drops below $89, but notches weekly win

Posted by Forexsq 675 days ago (http://www.marketwatch.com)
img Crude-oil prices fell Friday, keying off concerns about the U.S. economy slipping into recession as a deadline to avert a package of tax increases and spending cuts approached without a budget deal from Washington.

Crude for February delivery CLG3 -0.11% fell $1.47, or 1.6%, to settle at $88.66 a barrel on the New York Mercantile Exchange. Oil futures for the week, however, closed up 2.2%.

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