Oil prices end the week on the down side

DENVER (AP) -- After months of cutting oil production it appeared this week that oil producing nations had finally captured some control in the crude markets, at least until the latest batch of economic news sent oil prices falling yet again.

Benchmark crude for April delivery fell 80 cents at 44.44 pound a barrel on the New York Mercantile Exchange.

That is an 11 percent increase from Monday's open, but many oil traders say there is little chance prices will hold in the current economic environment, which has led to an anemic demand for energy.

The Commerce Department said Friday that the U.S. economy contracted at a staggering 6.2 percent pace at the end of 2008, the worst showing in a quarter-century.
Oil prices had risen for two consecutive days on government reports showing that oil imports were falling.

The Organization of Petroleum Exporting Countries appears to have stuck to production cuts of 4.2 million barrels a day. Most believe cut of 1 million barrels will be announced during the next OPEC meeting on April 15.