Crude Futures Higher, Ending Week Unchangedadmin
June 21, 2008 Filed Under: Mining Stocks, Oil and Gas
Oil futures rebounded on concerns about the Middle East and growing doubt that China’s government will be able to curb the country’s appetite for fuel by pushing prices higher.
Light, sweet crude for July delivery rose $2.69 to settle at $134.62 a barrel on the New York Mercantile Exchange, recovering some of the $4.75 that the contract lost Thursday after China announced it was raising fuel prices.
Crude prices ended the week largely unchanged, falling only 24 cents from last Friday’s close despite reaching a new trading record of $139.89 on Monday.
The July crude oil contract expired at the end of trading Friday. Trading was much heavier in the August crude contract, which rose $2.76 to settle at $135.36 a barrel.
In other Nymex trading, July gasoline futures gained 8.64 cents to settle at $3.439 a gallon, while July heating oil futures added 5.82 cents to settle at $3.7717 a gallon.