Oil Closes Week at Four-Month High $99 a Barrel
Oil rose to a four-month high Friday, closing the trading week at $99 a barrel following the Federal Reserve’s announced plan to take additional steps to boost the U.S. economy, Bloomberg reported.
Crude futures rose 69 cents on the New York Mercantile Exchange, and the $99 closing price was the highest since May 3. Oil had earlier in the session hit $100 a barrel before receding.
The increase followed the Fed’s announcement Thursday and a European Central Bank bond-buying announcement announced last week, Bloomberg said.
The price also rose on concern that continuing protests in the Middle East and North Africa will disrupt supplies from those regions, Bloomberg reported.
Diesel and gasoline prices have risen for the past 10 straight weeks, after declining for three months prior to that.
The Department of Energy will release its next weekly survey of pump prices Monday afternoon in Washington.
