Crude Oil Closes Week Near $74 a Barrel
Crude oil futures spiked $1.43 to close the week at $73.93 a barrel on the New York Mercantile Exchange, the highest price in almost a year, Bloomberg reported Friday.
Some of the increase was due to a pipeline shutdown and maintenance work reduced North Sea Brent oil production, Bloomberg said.
Half of the 42 analysts surveyed said the price would rise next week, Bloomberg said. Oil closed at a record $77.03 a barrel last July 14 amid supply concerns during a brief war between Israel and Lebanese militias.
World oil demand will rise 1.8% this year, according to the International Energy Agency, Bloomberg reported.
