Crude Oil Rises to $58.75 After Falling From Monday's Record

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fter tailing off from record highs this week, oil prices jumped $2.25 Friday to close at $58.75 a barrel on the New York Mercantile Exchange, Bloomberg reported.

Friday’s increase was the first in four sessions on the Nymex following Monday’s record intraday price of $60.95 a barrel and record closing price of $60.54, Bloomberg said.

A strong inventory report for crude oil and distillates — which include diesel fuel and heating oil — led to price fallbacks earlier this week.

Bloomberg said prices could continue to dip next week as there was more confidence that refiners would be able to produces adequate quantities of end fuels.

The Department of Energy will release its next retail fuel survey for diesel and gasoline on Tuesday, because of the Independence Day holiday Monday.