Oil Rises $1 to Finish Week Over $78 a Barrel
Oil rose nearly $1 Friday to a one-year high over $78 a barrel, as U.S. industrial production improved more than forecast, Bloomberg reported.
Crude futures rose 93 cents to close at $78.51 on the New York Mercantile Exchange Friday, from Thursday’s $77.58 closing price.
The Federal Reserve said Friday that industrial production rose 0.7% in September — more than three times the 0.2% gain that had been predicted by economists — spurring optimism the economic recovery would accelerate, Bloomberg said.
Oil gained 8.8% this week after closing at $71.77 last Friday, marking the biggest weekly gain in almost two months.
Diesel and gasoline pump prices rose for the first time in six and nine weeks, to $2.60 and $2.489, respectively, the Department of Energy reported Monday.
