Commodity Corner: Crude Up 4% for The Week

Oil prices climbed higher Friday on optimistic U.S. economic data counterbalancing China's bank-reserve ratios.

Front-month crude gained 0.2 percent, or 14 cents, settling at $91.54 a barrel Friday. The U.S. Department of Labor reported moderate inflation in consumer prices. Meanwhile, the Standard & Poor's 500 Index increased by 8 points ending Friday at 1291.76, while the Dow Jones Industrial Average gained 54.19 points to 11,786.09.

Analysts anticipate oil prices to reach $100 a barrel this year as forecasts predict Chinese consumption of refined products to increase by 4.8 percent, according to the International Energy Agency. After the U.S., China is the world's second-largest oil consumer.

Crude futures fluctuated between $90.10 and $91.69 Friday. Crude gained 4 percent for the week, the most since Dec. 3.

Natural gas futures also rose Friday, settling at $4.48 per thousand cubic feet. The 7.3-cent gain came as forecasts predict cooler temperature for the next two weeks. Due to high stockpiles, analysts believe a few weeks of colder-than-average temperatures may shift prices out of its range.

Natural gas gained 1.3 percent for the week, after peaking at $4.496 and bottoming out at $4.367 Friday.

Gasoline for February delivery reached its highest since Oct. 2008 at $2.495 a gallon. The intraday range for gasoline was $2.449 to $2.496.

The New York Mercantile Exchange will be closed Monday for the Martin Luther King Jr. holiday


Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you

Brent Crude Oil : $51.46/BBL 0.61%
Light Crude Oil : $50.52/BBL 0.64%
Natural Gas : $2.83/MMBtu 5.35%
Updated in last 24 hours