Posted by: Chuck | August 18, 2013

Oil rises for 6th day in a row


 

English: Middle East and North Africa

English: Middle East and North Africa (Photo credit: Wikipedia)

The price of oil rose for the sixth consecutive day Friday on continuing violence in Egypt and supply disruptions elsewhere in the Middle East and North Africa. U.S. bench mark crude edged up 13 cents to $107.46 Friday. It rose 1.4 percent for the week. Brent crude, which is used to price imported crude used by many U.S. refineries, rose 80 cents to $110.40 per barrel for October delivery. The average retail price for a gallon of gasoline rose less than a penny to $3.54 per gallon. It is down 9 cents per gallon in August, however, and it is 17 cents lower than it was last year. Turmoil in the Middle East and North Africa has disrupted some production and exports, especially in Libya and Iraq. It has also raised the specter of spreading violence that could block important supply routes. Violence in Egypt continued Friday as tens of thousands of Muslim Brotherhood supporters fought with armed civilians, police and troops in Cairo. At least 60 people were killed in the fighting nationwide Friday. Nearly 700 people have been killed since violence erupted Wednesday. Egypt is not a major oil exporter, but there is concern that an escalation in fighting could spread to neighboring countries or disrupt the Suez Canal, a major trade route. Rising oil production in the U.S., Canada and elsewhere has helped keep the market supplied with oil, and global demand is rising only modestly. That has kept prices from rising even further amid the Middle Eastern violence, analysts say. (Source: AP News)

In other energy futures trading:

— Heating oil rose 1 cent to close at $3.08 a gallon.

— Wholesale gasoline fell 1 cent to close at $2.97 a gallon.

— Natural gas fell 5 cents to $3.37 per 1,000 cubic feet.

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