January 5, 2007 3:00 PM, EST

Crude Oil Closes Higher but Falls Almost $5 for Week

Benchmark light sweet crude futures closed Thursday at $55.59
price of oil rises for the weekJ. N. Stuart/Flickr

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Crude oil prices tracked upward 76 cents Friday to close at $56.35 a barrel, Bloomberg reported, and the price tumbled almost $5 for the week and hit a one-year low closing price on Thursday.

Benchmark light sweet crude futures closed Thursday at $55.59, the lowest price in a year, Bloomberg reported.

For the week, they were down $4.70 and the week’s declines included a $2.73 per-barrel drop on Wednesday, Bloomberg said.

Traders cited warmer weather as a big factor in the price decline, as heating-oil consumption declined, Bloomberg reported.

Heating oil and diesel are both in the same category of distillate fuels.The Department of Energy’s weekly inventory report issued Thursday showed that while oil inventories dipped 1.3 million last week, both gasoline and distillates jumped, by 5.6 million and 2 million barrels, respectively.

The increases were higher than analysts’ expectations, Bloomberg reported.