By Claudia Assis, MarketWatch
SAN FRANCISCO (MarketWatch) - Crude-oil futures declined Friday, posting a new six-week low, as a global equities sell-off extended from Asia to the U.S. open.
Crude for October delivery lost 81 cents, or 1.1%, to $73.97 a barrel on the New York Mercantile Exchange. A close around these levels would be the lowest since July 6, when oil closed at $71.98 a barrel. Oil has closed down in eight of the past nine sessions.
The Dow Jones Industrial Average (DJIA 10,174, -96.72, -0.94%) fell 55 points in early trade, adding to declines in Japanese and European stock benchmarks, dragged lower by disenchantment with recent U.S. economic indicators. In the past several weeks, oil has frequently taken a cue from equities, seen as one of the most sensitive barometers to investor sentiment about the global economy.
Energy products were also lower. Reformulated gasoline for September delivery lost a penny, or 0.3%, to $1.92 a gallon. A settlement along these prices would tie with Monday's close for the lowest price of the week.
September natural gas declined 3 cents, or 0.6%, to $4.15 per million British thermal units. A settlement around these figures would be natural gas' lowest since May 25, an eleven-week low, when it closed at $4.11 per million Btus.
Crude-oil futures finished Thursday at their lowest price since July 7 as the day's round of macroeconomic reports showed the U.S. economy is poised to grow at a slower pace than earlier this year.
Prices had opened higher in the previous session but turned lower after the Labor Department report showing a nine-month high for U.S. jobless claims. Prices were further hit by data showing manufacturing activity slowing in the Philadelphia area and an anemic rise for the Leading Indicators Index.
