A nine-month rally in oil prices could be faltering as a gradual sell-off gains momentum.
Crude prices, which doubled from March to October, declined Friday for the eighth consecutive session. The contract for January delivery gave up 67 cents, to $69.87 a barrel; it’s the first time that oil settled below $70 a barrel since early October.
Energy prices retreated despite a report Friday from the International Energy Agency saying global oil demand will rise next year more than previously expected.
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Retail gasoline prices are also nearing two-month lows. Pump prices fell by less than a penny overnight to a new national average of $2.623, according to auto club AAA, Wright Express and Oil Price Information Service.