News

The Prices For Crude Oil Rose Each Day This Week

The Prices For Crude Oil Rose Each Day This Week

Crude oil futures rose on Friday and finished the week at its highest level in more than three years.

The prices rose due to a weak US dollar, declining oil inventories, OPEC-supply-rate-deal with Russia. Political unrest in Iran helped the oil rally.

Baker Hughes said U.S. energy companies added 10 drilling rigs this week, the biggest increase since June in response to the rally of oil prices. It is the first weekly increase in five weeks.

Feb. WTI oil rose 50 cents, or 0.8%, to settle at $64.30/bbl. Prices rose every day this week and were up 5.7%.

The Commerce Department said that retail sales climb 0.4 percent in December after an upwardly revised 0.9 percent in November.

Economists had expected retail sales to rise 0.4 percent compared to 0.8 percent increase originally reported for the previous month.

A separate report from the labor Department showed consumer prices rose less than expected in December, what prices to a sharp setback in the energy.

The consumer-price index crept to climb up by 0.1 percent in December after a 0.4 in November. Economists had expected prices rose by 0.2 percent.

SOURCE