Oil Rises Rises More Than $4 for Week
rude oil futures on the New York Mercantile Exchange rose more than $4 for the week to a per-barrel closing price of more than $63 on Friday, Bloomberg reported.
Traders drove oil futures higher as Saudi Arabia’s oil minister expressed concerns about high worldwide supplies and said that the Organization of Petroleum Exporting Countries was likely to institute another production cut during its December meeting, Bloomberg reported.
Earlier this summer, OPEC announced a 1.2 million barrel production cut beginning Nov. 1.
Reports of a cold front moving toward the Northeastern United States, a region that consumes about 80% of the nation’s heating oil each Winter, also contributed to oil’s rise.