Oil Finishes Week at Just Over $93 a Barrel
Oil rose from seven-week low to finish the trading week at just over $93 a barrel, Bloomberg News reported Friday.
Crude futures rose 29 cents to settle at $93.13 a barrel on the New York Mercantile Exchange, Bloomberg said.
Oil had dropped more than $4 in the past two days, and Thursday’s Nymex closing price of $92.84 a barrel was the lowest closing price this year.
Crude inventories rose by 4.1 million barrels last week, the Department of Energy said Thursday in its weekly inventory report.
Gasoline inventories fell by 2.9 million barrels last week while distillate supplies, which include diesel, fell by 2.3 million barrels, DOE said.
Gas stockpiles were forecast to drop by about 1 million barrels, while distillates were projected to fall by 1.8 million barrels, Bloomberg reported.
Diesel and gasoline prices have soared in the past month, with diesel hitting a four-and-a-half-year high $4.157 per gallon this week.
DOE will release its weekly survey of filling stations Monday afternoon in Washington.
