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.
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.