Crude oil gains 3.2 percent for week
Posted on: Friday, 1 May 2009, 15:01 CDT
Crude oil futures closed higher Friday on the New York Mercantile Exchange, gaining 3.2 percent for the week.
The per-barrel price closed up $2.08, or 4.1 percent, to $53.20.
Market participants are taking solace from any optimistic signs the economy shows,
Michael Fitzpatrick, an analyst at MF Global, told Marketwatch.com.
However, Fitzpatrick said analysts are more convinced than ever that the market is being set up for a short, sharp reversal lower, perhaps to $40.
Crude oil ended April's trading up 2.9 percent, despite an excessive buildup in U.S. inventories, Marketwatch said. Government data indicated U.S. crude inventories rose 4.1 million barrels to 374.7 million barrels, the highest level since September 1990.
Gasoline ended trading up as well, rising 5.16 cents to $1.5174, a 3.5 percent increase. Heating oil gained 5.16 cents to $1.3884 a gallon, a gain of 3.9 percent.
Natural gas added 16.5 cents -- or 4.9 percent -- to $3.538 per million British thermal units.
At the pump, the average price of a gallon of unleaded gasoline was $2.054, up from Thursday's $2.051 per-gallon average, the AAA Daily Fuel Gauge Report said.
Source: United Press International
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