U.S. crude oil price on Friday edged down after swings on a series of mixed economic reports, ending the week with a 1.73-percent drop.
Crude markets followed equities and traded in a great volatility. Driven by several mixed economic signals, the markets swang to find direction as uncertainties about U.S. economy and European debt crisis remained.
According to the Thomson Reuters/University of Michigan survey, consumer sentiment for August declined to 54.9, its lowest level in more than 30 years, as consumers were depressed by high unemployment, low wages and the debt ceiling debate. Economists expected a reading of 63.0.
And a separate report showed that businesses increased their inventories in July by the smallest amount since May 2010.
But the U.S. Commerce Department said retail sales strengthened in July by 0.5 percent, led by a spurt in auto sales, which continued to rebound, rising 0.4 percent, following a 0.7 percent jump in June. This added signs of an improving economy.
Light, sweet crude for September delivery was down 34 cents, or 0.40 percent to 85.38 dollars a barrel on the New York Mercantile Exchange. For the week, it fell 1.50 dollars, or 1.73 percent.
In London, Brent crude for September delivery inched up 1 cent to close at 108.03 dollars a barrel. For the week, it dropped 1.34 dollars, or 1.23 percent.
