from THE ASSOCIATED PRESS
Oil prices have rallied for two weeks, rising 12 percent as promising economic reports in the U.S. and troubles abroad pushed money into energy commodities. A refinery strike in France and general unease surrounding Iran’s nuclear posturings helped push up crude futures. Other petroleum futures were up for the fourth consecutive day.
Crude closed in on $80 a barrel Friday as investors focused on an ongoing refinery strike in France and reports that Iran may be building a nuclear weapon. An extended rally in oil will force gasoline and other fuel prices higher as well. Experts predict that pump prices will top $3 a gallon this summer.
Here’s a breakdown of how energy prices traded Friday:
On the New York Mercantile Exchange:
Crude: added 75 cents to settle at $79.81 a barrel.
Gasoline: added 1.65 cents to settle at $2.0857 a gallon.
Heating oil: rose 1.83 cents to settle at $2.0699 a gallon.
Natural gas: gave up 12.8 cents to settle at $5.044 per 1,000 cubic feet.
On the ICE futures exchange:
Brent crude: added 41 cents to settle at $78.19 a barrel.
