Oil Rises to Five-Week High, Closing Over $45

Oil rose to a five-week high Friday, rising almost $2 to close the week at more than $45 a barrel, Bloomberg reported.

Crude futures finished the trading week at $45.58 on the New York Mercantile Exchange, up $1.97 from Thursday’s close, Bloomberg reported.

The price rise was spurred by the dollar’s fall against the euro, which pushed commodity prices higher, including oil, Bloomberg said.

There was also speculation that OPEC, which meets March 15 in Vienna, Austria, may cut production in an effort to bolster sagging prices, Bloomberg said.

Prices have fallen about $100 off the record $145.29 Nymex closing-price record set last July.