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AAP

Business

Derek Rose

Australian shares edge lower as oil prices plunge

United States David Gordon

The energy sector was the biggest loser as oil prices fell to a four-month low. (Joel Carrett/AAP PHOTOS)

The local share market has closed slightly lower amid a big drop in oil prices, but gained for the week and finished comfortably above the make-or-break 7,000 level.

The benchmark S&P/ASX200 index on Friday finished nine points lower at 7,049.4, a drop of 0.13 per cent, while the broader All Ordinaries was down 8.5 points, or 0.12 per cent, to 7,261.0.

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