Oil Ends Week Over $76, Led by Higher Diesel Demand
Oil finished the trading day Friday over $76 a barrel, gaining about $4 in the past week led by high diesel demand, Bloomberg reported.
Crude futures rose 65 cents to finish the week at $76.09 a barrel on the New York Mercantile Exchange, the third straight increase, Bloomberg said.
Oil started the week just below $72 and rose 5.5% this week, the most since late May, Bloomberg said.
The increase was led by an 11% spike in demand for distillates, which include diesel, to almost 4 million barrels a day, marking the biggest increase since mid-December, Bloomberg reported.
Traders and analysts’ forecasts were mixed on whether oil would increase through the end of the month, Bloomberg said.
Diesel and gasoline prices have fallen almost every week since mid-May, after rising for the previous three months.
