Oil Finishes Week at 16-Month High Over $108
Oil finished the week at more than $108 a barrel, the highest level in 16 months, Bloomberg News reported.
Crude futures rose a penny to finish at $108.05 on the New York Mercantile Exchange, the highest closing price since March 19, 2012.
Oil had topped $109 earlier in intraday trading, and futures have jumped more than $15 in the past month, according to Bloomberg Nymex figures.
Oil rose following a Labor Department report Thursday that said initial jobless claims fell to the lowest level since early May.
Crude inventories fell by 3.6 million barrels last week to 46.1 million, the lowest since November, the Department of Energy reported Wednesday.
Diesel rose 3.9 cents, its second straight increase, and gasoline jumped more than 14 cents, DOE reported Monday in its weekly pump-price survey.
