Prices down nearly 9% on week By Claudia Assis and Myra P. Saefong, MarketWatch SAN FRANCISCO (MarketWatch) — Crude-oil futures extended their fall Friday as investors scrambled to raise cash in the wake of a global market selloff. Prices came off their lows, however, as U.S. stocks regained some of their footing and veered between mild gains and losses. ”There’s still not enough optimism around to inspire any kind of bounce back here,” said Matt Smith, an oil analyst with Summit Energy in Kentucky. “The market in general is very tentative.” Crude oil for November delivery CL1X -0.76% fell 63 cents, or 0.8%, to $80.12 a barrel on the New York Mercantile Exchange. It earlier traded as low as $77.55 a barrel. On the week, oil has lost 8.9%. The contract retreated 6.3% on Thursday to close at its lowest level since Aug. 9, and it looks poised for its fourth settlement lower this week. “Traders looking to cover needs see no reason to rush into the market given its tendency to trade lower into mid-winter,” said Darin Newsom, an analyst with Telvent DTN in Omaha. ” Oil’s decline came as stock markets in Europe and Asia suffered further losses. U.S. stocks opened lower, but erased much of their declines on alert for indications policy makers would take additional steps to bolster the global economy. Other energy products were mixed, with natural gas and gasoline futures eking out gains. October gasoline RB1V +0.45% rose less than 1cent, or 0.4%, to $2.57 a gallon. October heating oil HO1V -1.27% declined 4 cents, or 1.4%, to $2.81 a gallon. Natural gas for October delivery NG11V +0.22% rose 2 cents, or 0.5%, to $3.72 per million British thermal units.

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