Oil Closes Week at Record $95.93 a Barrel
Crude oil futures jumped more than $2 Friday to a record $95.93 per-barrel closing price on the New York Mercantile Exchange, Bloomberg reported.
Heating oil futures, which closely parallel diesel prices, also reached a record, at $2.574 a gallon, though that price is absent the on-road taxes set on diesel fuel.
The oil rise was due in part to a rise in payrolls last month, Bloomberg said. October payrolls jumped by 166,000 jobs following a 96,000 increase in September, the Labor Department said Friday.
Oil futures rose $2.44, or 2.6%, Friday. Futures had hit $96.24 a barrel on Thursday, the highest price since trading began in 1983. Oil is 4.4% higher than a week ago and prices are 65% more than a year ago, Bloomberg reported.
Diesel fuel matched its all-time record of $3.157 a gallon on Monday, the Department of Energy reported. DOE’s next weekly survey will be released Monday afternoon.
