Business

Uncertainty pushes oil prices down to near $90

The price of oil fell 2.2 percent Friday after disappointing US corporate earnings and a drop in existing home sales sparked worries again about the global economy.

Benchmark oil fell $2.05 to finish at $90.05 per barrel in New York. Brent crude, which is used to price international varieties of oil, dropped $2.28, or 2 percent, to end at $110.14 per barrel in London.

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Oil traders also worry about Europe’s efforts to resolve its debt crisis and China’s slower growth.

Meanwhile, TransCanada said it will restart a pipeline this weekend that carries crude from Canada to the Midwest. The 2,100-mile Keystone pipeline was shut down Wednesday after tests showed possible safety issues.

Retail gas prices fell 2 cents overnight to $3.715 per gallon, according to AAA, Wright Express, and Oil Price Information Service.

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