Oil Down 4.3% For Week

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rude oil rose $1.14 to close at $71.14 a barrel on the New York Mercantile Exchange, a 4.3% decline for the week, Bloomberg reported Friday.

While prices increased for the first time in five sessions, oil is still at its lowest levels since June.

Prices rose on news that the United States will press for economic sanctions against Iran if the oil-producing nation fails to halt uranium enrichment by Aug 31, Bloomberg said.

Earlier this week, oil prices fell to $70 a barrel on news of a slowing economy and a ceasefire between Israeli and Hezbollah forces in the Middle East, Bloomberg said.

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