Oil Closes Week Below $37 a Barrel
Crude oil rose more than $1 Friday but closed the week below $37 a barrel, Bloomberg reported.
The price has dropped almost $10 this month and is more than $100 below its all-time record Nymex closing price of $145.29 a barrel, set last July 3, according to Bloomberg figures.
Oil futures for February delivery rose $1.16, on the Nymex to close at $36.56, Bloomberg said. The February futures contract ends Tuesday.
Futures fell in January in part because the International Energy Agency said that global demand will decline for a second year, the first back-to-back contraction since 1983, Bloomberg reported.
The Department of Energy will release its weekly survey of pump diesel and gasoline prices Wednesday, due to the Martin Luther King Jr. Day holiday Monday and the presidential inauguration Tuesday, which is a federal holiday in the Washington, D.C., area.
