Crude Oil Prices Rise for Fifth Straight Day

rude oil prices rose for a fifth straight day Friday, gaining 74 cents to close at $51.75 on the New York Mercantile Exchange, Bloomberg reported.

The price rises this week coincided with a Department of Energy report Wednesday that showed crude oil inventories fell by 1.6 million barrels to 332.4 million for the week ended May 20.

Bloomberg also said reports of increased economic growth could have helped prices rise Thursday, when light sweet crude oil futures for July delivery closed above $51.

The current price is 25% higher than the same time last year, Bloomberg reported. Crude prices hit an all-time record of $58.28 a barrel on April 4, which was followed by record diesel and gasoline prices.