Crude oil up Friday, down substantially on week

Crude oil prices were up slightly on Friday as Brent crude for September delivery added 35 cents to $71.93 per barrel in London and West Texas Intermediate crude September contracts were 29 cents higher to $70.35 per barrel on the New York Mercantile Exchange.  The increases came after Iran once again said that it will continue to develop its nuclear capabilities.

The day’s gains did little, however, to dent the losses in crude oil prices over the week.  Brent prices over the week were down 4.9 percent, or $3.90 per barrel, while West Texas Intermediate was $4 lower, a decline of 5.4 percent, mostly on the ceasefire between Israel and Hizbollah and on an announcement from BP that it will be able to keep some of its Prudhoe Bay production online while it repairs damaged pipelines there.

Nymex unleaded gasoline prices were also up slightly on Friday, by 0.2 cents to $1.9500 per gallon, but over the week the price for September futures were 11.4 cents, or 5.5 percent, lower during the week.