Weather, supply worries send oil higher

Crude oil prices rose Friday on concerns about supply during the summer driving season, on a possible strike by oilfield service workers in Norway, and on news that a new tropical storm could be building in the Atlantic Ocean.  The weather concerns came although there was little chance that the storm would strengthen into a hurricane and was not expected to enter the oil producing areas of the Gulf of Mexico.

Brent crude August contracts added 21 cents to $70.16 per barrel by late afternoon on the International Petroleum Exchange in London.  Brent was up 2 percent for the week.  West Texas Intermediate crude for August delivery, meanwhile, gained 26 cents to $71.10 per barrel in late morning trade on the New York Mercantile Exchange, for a gain of 1.7 percent on the week.  Gasoline futures in the US gained 4 percent on during the week.