Oil Finishes Week Near $106 a Barrel

Oil rose $1 Friday to finish the week near $106 a barrel on speculation that U.S. inventories will continue to fall, following the largest two-week drop in at least three decades, Bloomberg News reported.

Crude futures rose $1.04 to finish the week’s trading at $105.95 a barrel on the New York Mercantile Exchange. Wednesday’s $106.52 closing price was the highest since March 2012, Bloomberg said.

Crude supplies fell by more than 20 million barrels to about 374 million barrels in the two weeks ended July 5, the Department of Energy reported this week.

Gasoline prices, buoyed by higher oil prices, are heading higher during peak summer usage, USA Today reported Friday, citing analysts.

Diesel rose 1.1 cents this week, its first increase in seven weeks, while gasoline dipped 0.4 cent, its fourth straight decline, the Department of Energy reported.

DOE will release its weekly survey of filling stations Monday afternoon in Washington.