Oil Rises to Close Week Over $134 a Barrel

Crude oil rose Friday, a day after sliding almost $5 on reports that China would raise fuel prices, news services reported.

Light sweet crude futures rose $2.69 to close at $134.62 on the New York Mercantile Exchange, Bloomberg reported.

The price had slid $4.75 on Thursday, following China’s announcement that it would boost diesel prices by 16% and gasoline prices by 18%, the Associated Press reported.

Iraq said it would open up to more Western oil companies, in an effort to boost its crude output, AP reported.

Oil may decline next week due to lower U.S. consumption and a scheduled meeting in Saudi Arabia this weekend of oil producers, Bloomberg reported.